The pound has opened the week in decline, plunging from a high on Friday of 1.3538 to 1.3274 against the dollar, at the time of writing. The drop of over 2% since the 3-month high is down to the ongoing Brexit negotiations, as headlines are being reported that the UK and Europe are still stuck to reach an agreement on the three main areas which have plagued the talks for some time now.
After another weekend of negotiations, fishing, the level playing field and governance have been the sticking points again as the UK wants to break free from Europe and regain sovereignty of laws, which the government seemingly refuse to move the goal posts on, as this was the cornerstone of the campaign to leave the bloc. An EU source told the BBC over the weekend that an agreement on fisheries was close, Downing Street rebuffed the claims heading into the new week of negotiations.
Boris Johnson and European Commission president Ursula von der Leyen are due to talk today, in an attempt to break the deadlock after agreeing to continue the negotiations over the weekend. With little to be released on the data front today, markets will yet again be keeping an ear to the ground for any leaks from either side.
As always, your account manager will be on hand to help navigate this tricky period. Please get in touch to see how WorldFirst can assist with protecting your FX exposure in the run up to the Christmas period and beyond.
Have a great day.
Jack Nicholls, Relationship Manager.
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