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Pound Pares Some Gains as Johnson Warns of No-Deal Unless EU Changes Tack

ForexDec 17, 2020 03:07PM ET
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© Reuters.

By Yasin Ebrahim

Forex – The pound pared some gains Thursday after U.K. Prime Minister Boris Johnson said it was likely a deal wouldn't be reached unless the European Union eased its stance over key sticking issues including fishing quotas.

GBP/USD was up 0.51% to $1.3576 though had been as high as $1.3624

Johnson poured cold water on the prospect of the deal, saying it looked very likely agreement won't be reached unless European Union shifts its position subst.antially. The update arrived following a call with European Commission President Ursula von der Leyen over the progress in the trade deal negotiations.

Despite hinting at signs of progress on a post-Brexit deal, Johnson has not shied away from his view that the most likely outcome was for the U.K. to leave the EU without a deal.

Von der Leyen cut a less dramatic stance, acknowledging that issues remain, but said talks would continue.

Cabinet Office Minister Michael Gove earlier in the day was quick to quell any optimism a deal could be reached by the end of the week, saying the odds of agreeing a deal were below 50%.

Gove also confirmed that there was no wiggle room to push talks out into next year, insisting that Dec. 31 was a "fixed point in law" when the transition must end. "That would be it. We would have left on WTO (World Trade Organisation) terms," he added.

EU’s chief negotiator, Michel Barnier, earlier in the day tweeted about progress in talks, but conceded that "stumbling blocks remain," with just days to go until the deadline.

The European Parliament has given Brexit negotiators until Dec, 20 to strike a deal to allow enough time to ratify a potential agreement before the end of the transition period.

Pound Pares Some Gains as Johnson Warns of No-Deal Unless EU Changes Tack
 

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Comments (6)
Jan Buyle
Jan Buyle Dec 17, 2020 7:25PM ET
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With no deal brexit the UK is back in the stone age... What is this populist bluffing about?
la popeye
la popeye Dec 17, 2020 6:40PM ET
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from freedom to fence
Antonio Ba
Antonio Ba Dec 17, 2020 5:52PM ET
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In few days the deadline of 20th Dec will again be moved
Stephen Edegwafe
Stephen Edegwafe Dec 17, 2020 4:44PM ET
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My dear traders,brexit is a term used in manipulating gbpusd,a deal or no deal gbpusd must reach 1.3700 or 1.4000 haha haha brexit what a manipulating statement,brexit discouraged amateur traders
Fabio falec
falec Dec 17, 2020 4:44PM ET
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So lost
John Campbell
John Campbell Dec 17, 2020 4:23PM ET
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that's what I'm talking about John son make me proud
James Bell
James Bell Dec 17, 2020 4:16PM ET
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bad Brexit means lower pound. lower pound means higher dollar. higher dollar means lower gold.
Phoenix Charters
Phoenix Charters Dec 17, 2020 4:16PM ET
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gold hasn't really gone anywhere but down in the last 5 months compared to other currencies anyway. Its only going up cause the USD is still tanking for now.
Fabio falec
falec Dec 17, 2020 4:16PM ET
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James, in the last 3 months Gold and USD were both trending lower. You say nothing!
 
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