By Yasin Ebrahim
Investing.com – The pound jumped from session lows against the dollar on Monday as the U.K and European Union agreed to intensify post-Brexit talks. Prime Minister Boris Johnson stoked hopes that an outline of a deal could be reached by the end of next month.
rose 0.37% to $ 1.259 from a session low of $ 1.235.
After the latest series of U.K.-EU trade talks failed to yield any progress, Johnson said he would work with the EU to find common ground to break the deadlock. The cautious optimism on a deal comes as the U.K. on Friday said it would not extend trade talks beyond December.
The prime minister added that he sees no reason why the outline of a Brexit deal cannot be agreed to by the end of July. The EU has suggested Oct. 31 as the latest date a deal can be reached to allow ample time for member states to back and ratify the deal before the end of the transition period on December 31.
Post-Brexit talks have been held back by a lack of compromise from both sides on the terms of a future agreement concerning “level playing field” conditions – a set of common rules to ensure firms in the U.K. and EU compete on an equal footing.
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