Pound rises on Johnson plan to hold talks with EU's von der Leyen

The pound spiked on Friday on news that UK prime minister Boris Johnson would speak with European Commission president Ursula von der Leyen on Saturday to “take stock” of negotiations and “discuss next steps” on a Brexit trade agreement.

The pound was up against the euro and the dollar, gaining 0.4% against the euro €1.1006 and 0.1% against the dollar to $1.2902.

The meeting will be the first time the duo have met since June. Discussions are currently deadlocked over state aid, fisheries, and Northern Ireland. The ninth round of trade talks between the EU and UK are set to conclude in Brussels on Friday.

On Thursday von der Leyen said the EU would begin legal action against the UK over its plans to break international law and rewrite parts of the Brexit Withdrawal Agreement.