Blog


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.

Leave a Reply

Your email address will not be published.

What's Going On?

Currencies 4 You Ltd is a company registered in England and Wales (registered no. 06866898). Registered office: Regus House Victory Way Admirals Park, Crossway, Dartford, Kent, DA2 6QD. Currencies 4 You Ltd Payment and Foreign Currency Exchange Services are provided by Currency Cloud Limited and Equals Connect Limited. Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number: 900199. Payment Services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited are authorised by the Financial Conduct Authority to provide payment services (FRN: 671508). Payment services for Currencies 4 You Ltd are provided by Sciopay Ltd. Sciopay Ltd is a company incorporated in England & Wales. Registration No: 12352935. Sciopay Ltd is licensed and regulated by HMRC as a Money Service Business (MSB). Licence No: XCML00000151326. Sciopay Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution. Firm Reference Number: 927951. | Terms and Conditions | Privacy Statement | Careers