Pound Falls as EU Leaders Say UK Needs to Make Concession to Reach Deal By Investing.com

Pound Falls as EU Leaders Say UK Needs to Make Concession to Reach Deal

Forex Oct 15, 2020 02:30PM ET

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Pound Falls as EU Leaders Say UK Needs to Make Concession to Reach Deal

By Yasin Ebrahim

Investing.com – The pound fell sharply against the dollar on Thursday, after EU leaders did not commit to work "intensively" with the UK to reach a trade deal and placed the onus on Britain to "make the necessary moves" to secure an agreement.

GBP/USD fell 0.82% to $1.2904.

Following the conclusion of the first day of the European summit, Michel Barnier, the EU's chief negotiator said the level playing field commitments, fisheries and issues of governance remained key sticking points holding up progress on trade talks.

EU leaders also called on the UK to make further concessions to reach a deal on trade, drawing criticism from UK Brexit negotiator David Frost.

"Surprised EU is no longer committed to working 'intensively' to reach a future partnership,” Frost said in a Tweet. "Also surprised by suggestion that to get an agreement all future moves must come from U.K. It’s an unusual approach to conducting a negotiation."

Prime Minister Boris Johnson is expected to announced his decision on Friday, whether the UK will walk away or continue talks.

The lack of progress on talks come as the U.K. faces an aggressive second wave of the coronavirus that has forced the government to impose lockdown restrictions that could slow the recovery.

"With less generous financial support on offer from the government for businesses most affected by the restrictions, however, the moves might accelerate the labour market shakeout already underway, and accentuate a leveling off of the UK economic recovery that has been evident in many recent data series, including transport use," Daiwa Capital Markets said.

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