The British pound touched $1.326 on Tuesday for the first time since September 6th, amid renewed Brexit hopes and a positive COVID-19 vaccine update from Pfizer. British finance minister Rishi Sunak said on Monday that the UK and the EU have made significant progress in talks, after Britain said it was open to “sensible” compromise on fishing, a sticking point in negotiations. Meanwhile, money markets have pushed back expectations UK interest rates will turn negative, to June 2021 from May. On the economic data front, the UK jobs report showed the unemployment rate jumped to a four-year high of 4.8 percent in the third quarter, while layoffs hit a record high.
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