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Sterling Falls Sharply

Sterling fell sharply this morning Boris Johnson set out tough terms for European Union talks, bringing back fears Britain would reach the end of an 11-month transition period without agreeing a trade deal.

The sides have until the end of the year, when a standstill transitional period expires, to secure a deal on trade and future relations but Johnson is striking a tough tone, saying Britain will not adhere to the bloc’s rules and regulations.

The EU on the other hand 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.

The pound appears to be not taking the signs from the two sides at the start of the negotiations very well.

It had ended January on a high, with the best weekly gain in a month after the Bank of England kept interest rates steady at 0.75%, surprising some who had expected a 25 basis-point cut.

The dollar has also reversed some of its weakness from last week.

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