financetom
British Pound
financetom
/
Forex
/
British Pound
/
Pound Softens on UK Threat to Pull Out of Trade Talks if No Progress by Oct 15
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Pound Softens on UK Threat to Pull Out of Trade Talks if No Progress by Oct 15
Mar 22, 2024 2:19 AM

Image © Adobe Images

Spot rates: GBP/EUR: 1.0952, GBP/USD: 1.2890Bank transfer rates: 1.0745, 1.2630Specialist transfer rates: 1.0853, 1.2774Learn more about market beating exchange rates, hereThe British Pound lost value in the midweek trading session amidst a rise in concerns the UK and EU could separate at the end of 2020 without a Brexit deal.

A newswire reported that the U.K. government will pull out of Brexit trade negotiations with the European Union next week if there is no clear deal in sight.

Bloomberg quoted a person familiar with the UK position as saying the UK sees an October 15 deadline by which progress in negotiations must be made.

On Tuesday, a senior EU diplomat warned that the bloc had no plans to offer concessions to meet Johnson’s deadline, and would be ready to call his bluff.

Speaking of those comments, a person "familiar with the British position said the government was serious about walking out next week," said Bloomberg.

The news appears to be negative for Sterling, which fell a third of a percent against the Euro and 0.10% against the Dollar.

The developments come as Michael Gove, the most senior minister in charge of preparations for the Brexit transition, said plans for a 'no deal' outcome were being intensified.

Gove told a hearing of the House of Lords EU Committee that the UK was keen for a deal, but will not do one at any price. "If we conclude no deal is on offer, we can accept that."

"We need to ensure the UK is not held hostage in the negotiations," added Gove.

But he added talks are "proceeding in a way which gives us cause for steady optimism" and "there have been clear signs that since the approval of the Internal Market Bill in the House of Commons the talks have been proceeding in a constructive way."

The Pound-to-Euro exchange rate is down a third of a percent to quote at 1.0939 in late London afternoon trade, while the Pound-to-Dollar exchange rate is down 0.10% to quote at 1.2871.

The Pound is highly sensitive to Brexit related headlines at the present moment and is being sent higher and lower as news from both sides of the English Channel hits trading terminals and algorithms.

Expect volatility to remain high heading into the October 15 European Council summit when we are likely to get a more concrete idea as to where negotiations are heading.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
British Pound (GBP) LIVE: Sterling in Steady Recovery After Services PMI Delivers a Blow
British Pound (GBP) LIVE: Sterling in Steady Recovery After Services PMI Delivers a Blow
Mar 22, 2024
Last Updated: 07 April 2014 Updated: The British Pound (GBP) is stable as we move into the second week of April. Selling on global equity markets has seen some relief being enjoyed against the commodity dollars. Meanwhile, we continue to see consolidation vs the Euro and US dollar. This period...
British Pound Sterling Heads Sideways as Equity Markets Rally
British Pound Sterling Heads Sideways as Equity Markets Rally
Mar 22, 2024
By Gary HowesToday's Exchange Rates Below are the spot exchange rates as of the last update: Pound to euro exchange rate: Unchanged on a day-to-day basis at 1.2040.Pound to US dollar exchange rate: 0.01 pct down at 1.6390.Pound to Australian dollar rate: 0.36 pct higher at 1.8364.Pound to New Zealand...
The Pound "Shouldn't be Haunted by the Ghosts of 2022" Says Deutsche Bank
The Pound "Shouldn't be Haunted by the Ghosts of 2022" Says Deutsche Bank
Mar 22, 2024
Above: Image © Pound Sterling Live, original picture by Simon Dawson / No 10 Downing St. On the eve of the UK budget, a Deutsche Bank analyst tackles the question of whether GBP investors ought to fear the return of the bond vigilantes and a repeat of the 2022 episode...
British Pound (GBP) LIVE: Sterling Set for Fresh Bounce vs USD, Bank of England Risk Ahead
British Pound (GBP) LIVE: Sterling Set for Fresh Bounce vs USD, Bank of England Risk Ahead
Mar 22, 2024
Last Updated: 02 April 2014 Updated: Our Live coverage shows the UK pound to be in a period of consolidation at the start of April 2014. With the March PMI series missing expectations the GBP has found little by way of impetus. However, all eyes are on the release of...
Copyright 2023-2025 - www.financetom.com All Rights Reserved