September 7, 2018 / 11:07 AM / 10 months ago

Pound jumps vs. euro, dollar on EU Barnier testimony on Brexit

FILE PHOTO: ritish Pound Sterling banknotes are seen at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger//File Photo

LONDON (Reuters) - The British pound jumped against the dollar and the euro on Friday after EU’s chief Brexit negotiator Michel Barnier said the European Union was open to discussing other backstops on the Irish border issue.

Sterling rallied 0.7 percent to $1.3019 and by a similar margin against the euro to 89.27 pence.

“So we are open to that prospect. We are ready to simplify these checks” Barnier told UK lawmakers on Sept 3, according to a transcript.

British government bond futures extended losses by around 15 ticks to hit a session low of 122.19, down 30 ticks on the day, while 10-year gilt yields stood 3 basis points higher on the day at 1.45 percent.

Reporting by Saikat Chatterjee and David Milliken; editing by Sujata Rao

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