The pound reaches $1.25 against the dollar on yen trading as May announces desire for business-friendly Brexit

 
Jasper Jolly
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The pound rallied on Monday over $1.25 against the dollar (Source: Getty)

The pound gained in value in Monday afternoon trading, reversing some of the losses inflicted over the past few weeks.

The pound rose over one per cent from the previous close of $1.23 against the dollar, breaking the $1.25 mark.

Sterling was up over 1.2 per cent against the yen, to over ¥138.65, while it gained over 0.9 per cent against the euro, to stand at €1.1763.

Some analysts identified the pound's relatively sudden move against the yen as the trigger for the rise against the dollar.

Read more: Global investors in UK firms hit by falling dividends and devalued pound

The moves come as Theresa May told the CBI conference she is working to get business approval for her Brexit plans.

She suggested she will backtrack on proposals to force company boards to include a representative of workers, and also announced billions of pounds in spending on research and science.

“The government’s industrial strategy shows a clear intention to assuage any uncertainty and put business at the heart of a post-EU UK," said Paresh Davdra, chief executive of RationalFX.

"By driving this level of industrial development, the strategy will not only help to build these promising sectors into powerhouses, but it will also help the UK become a hub for research and tech.”

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