Cable Bounces From Lows as U.K-EU Agree to Speed Up Brexit Talks

© Reuters.  © Reuters.

By Yasin Ebrahim – 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

Leave a Reply

Your email address will not be published. Required fields are marked *