Markets have moved higher after Rishi Sunak agreed a deal with the European Union to settle post-Brexit trading arrangements in Northern Ireland.
The pound rose as much as 0.9pc to well above $1.20 as the Prime Minister announced a "decisive breakthrough" in talks and unveiled what he called "the Windsor framework".
After months of negotiation and speculation surrounding a possible deal, it was finally unveiled during a day of carefully choreographed events.
Word began to emerge from inside government at around 14:00 GMT that a deal on an issue which has vexed four prime ministers had finally been done.
The PM confirmed the breakthrough soon after during a joint press conference in Windsor with European Commission President Ursula von der Leyen.
There was a notable warmth between the PM and Mrs von der Leyen as they outlined their agreement on Monday, with the EU chief referring to the prime minister as "dear Rishi" and hailing a "new chapter" of a "stronger EU-UK relationship".
The deal includes green and red lanes for goods travelling to Northern Ireland depending on whether they are destined for the UK or international markets.
Giving a press conference alongside European Commission president Ursula von der Leyen, the Prime Minister also said the framework removes "any sense of a border in the Irish Sea".
Sterling has also gained against the euro, which has fallen 0.2pc to be worth barely more than 88p.
The FTSE 100 has gained 0.8pc today while the domestically-focused FTSE 250 has jumped 0.9pc in today's session.