Trade Negotiations

The British Pound enters mid-week trade as the top-performing major currency of the past 24 hours, advancing against all its peers amidst an ongoing recalibration of global FX markets that saw an overbought Euro pare gains and an out-of-favour Dollar shrink back further.

The British Pound is likely to remain under pressure against the Euro and fail to reach its full potential against the Dollar until at least October, when a post-Brexit trade deal should finally be agreed and unlock a more sustained recovery.

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Pound Sterling slipped deeper into the red against most major rivals Thursday after Brexit negotiators confirmed that no progress has been made in the pursuit of a UK-EU trade deal after both sides doubled down behind their respective red lines, risking further underperformance for the British currency.

The British Pound was easily the best performing major currency on Tuesday, July 07 with gains being recorded against all its competitors in the G10 space.

The EU's Chief Brexit negotiator Michel Barnier has updated media following the latest round of EU-UK trade negotiations, revealing little has been achieved.

The EU's Chief Negotiator Michel Barnier warned financial services firms based in the UK that they should make rapid preparations to ensure they are ready for the loss of passporting rights into the EU come January 01.

The EU's Chief Negotiator Michel Barnier has given a speech in which he signalled a key deadline for the EU-UK Brexit trade negotiations will fall in October, which should mean currency markets start to prepare for heightened volatility in Sterling around this time.

The British Pound has entered a short-term recovery phase over the course of the past 24 hours, thanks largely to a global stock market recovery and fresh signs of intent to secure a trade deal between the EU and UK.

Prime Minister Boris Johnson has confirmed today that the UK's cut-off date for a Brexit deal is the end of July.

The British Pound starts the new week softer against the Euro and U.S. Dollar as global investor sentiment maintains a grip on foreign exchange direction and markets await the outcome of a high-level meeting between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen on the status of Brexit trade negotiations.