20/10/2020

Lack of clarity over Brexit hurts sterling


GBP

Sterling began the week on a strong footing as the pound shrugged off Boris Johnson’s threat of an Australia trade deal and focused on the path laid out by EU and UK negotiators to ensure further talks and an eventual deal. However, as the day progressed, this strong start faded as UK Chief Negotiator Frost said that there is no point in resuming talks under the current conditions.

EU Chief Negotiator Barnier seemed more open than his counterpart and he confirmed that the EU will remain available to intensify talks around key battleground issues. However, there is no indication that the EU is prepared to meet the requests of the UK, particularly on the key issues of fishing and competition. The lack of clarity and lack of meaningful progress saw the pound lose early gains and finish the day lower against its peers.


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