It was another bumpy day for pound traders yesterday, as the ongoing Brexit negotiations took yet more twists and turns as they enter into the final days of negotiations. Against both the euro and the dollar, prices rose by 66 pips in a matter of seconds, after it was announced the government will withdraw parts of the Internal Markets Bill which had previously soured the relationship and trust between the UK and Europe. According to some analysts, removing this hurdle was seen as a big step in paving the way for a deal.
Following their phone call on Monday evening, Prime Minister Boris Johnson and European Commission President Ursula von der Leyen will meet face to face over dinner this evening. The PM will be flying to Brussels in an attempt to break the deadlock in negotiations, with the BBC saying it is not a meeting to formally walk away from the negotiations nor a meeting to announce a deal has been agreed. But of course, no one can accurately predict what will happen next.
The pound has started on the front foot this morning though, after Michael Gove announced on radio that Britain can see scope for compromise on the issue of fisheries, which has haunted the negotiations for months. With Gove being one of the PM’s top Brexit backing ministers, it potentially provides a new inroad into agreeing a deal with Europe, with 23 days to go until the end of the formal transition period.
Have a great day.
Jack Nicholls, Relationship Manager.
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