The pound extends a week-long rally following a report that Northern Irish lawmakers are softening opposition to keeping some EU rules.
Traders are interpreting that Britain is now less likely to leave the European Union without a deal.
Shortly after11 a.m. in London, the pound had risen 1% for the session to reach $1.2456. Sterling is now up more than 4% versus the dollar since September 3, when it reached a three-year low. The DUP has long rejected the backstop — an insurance policy against any hard border within Ireland — as any part of the Brexit process. DUP leader Arlene Foster once described her party's opposition as a "blood red" line.
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