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Market Update

The pound dropped to a six-week low against a broadly firmer dollar, as Prime Minister Boris Johnson’s tough stance on European Union trade talks renewed concern that a deal may not be reached by the end of a transition period.

The EU and Britain clashed over a post-Brexit trade deal yesterday, with the two sides setting out very different visions of a future relationship that could result in the most distant of ties.

Sterling, which shed more than 1% against the dollar and the euro on Monday, extended its falls this morning.

The market is a little bit spooked by the distance that remains (between the EU and Britain) and the concern that there may be very little potentially compromise done in a relatively short space of time.

Britain and the EU have until the end of the year, when a transition period expires, to secure a deal on trade and future relations.

Johnson has said Britain will not adhere to the bloc’s rules and regulations. The EU has warned Britain that access to its single market of 450 million people will depend on how far London agrees to adhere to such rules on environmental and labour regulations.

Sterling is on track for its worst week against the euro and the dollar since mid-December.

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