Sterling drops after UK Brexit minister Dominic Raab resigns

The pound fell sharply Thursday following the resignation of Britain's Brexit Secretary Dominic Raab over the terms of a draft deal reached with the European Union, dropping more than one per cent against both the dollar and the euro.

The plunge erased gains made earlier in the week after a draft Brexit deal emerged between Britain and the EU. Around 0925 GMT, the pound was worth around USD 1.2831, compared with almost USD 1.30 late Tuesday.