Pound Slides as Brexit Talks Hit Impasse, EU Starts Legal Action By Bloomberg

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Pound Slides as Brexit Talks Hit Impasse, EU Starts Legal Action

Published Oct 01, 2020 04:57AM ET Updated Oct 01, 2020 05:18AM ET

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Pound Slides as Brexit Talks Hit Impasse, EU Starts Legal Action

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(Bloomberg) --

The pound tumbled after a report that Brexit talks were failing to close differences on a trade deal and the European Union planned legal action against the U.K.

Sterling snapped a three-week winning streak after news that the U.K. and EU remain split on the issue of state aid, a sticking point in the trade negotiations. The currency deepened losses after a report that the EU would take the first step in a legal process against the U.K. for breaching the terms of its Withdrawal Agreement from the bloc.

“There is further downside ahead for the pound,” said Neil Jones, head of foreign-exchange sales to financial institutions at Mizuho Bank.

The impasse comes after several days of a more conciliatory tone from British and European officials that had helped the pound rally from a two-month low last week.

The pound fell 0.8% to $1.2822 by 9:50 a.m. in London, and also dropped 0.8% to 91.44 pence per euro.

Negotiators are due to discuss state aid later Thursday, after Britain submitted a new round of proposals on how its rules will work after Brexit.

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Comments (2)

Mr Howell Oct 01, 2020 7:00AM ET

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If you Sell it will rise with news that GBP is already undervalued from previous selling of the currency. But if you it will fall more with news that the bottom is not yet reached. Whichever way one is screwed by market markers.

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MaxDividend Oct 01, 2020 6:37AM ET

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Uk is a sinking ship

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Pound Slides as Brexit Talks Hit Impasse, EU Starts Legal Action

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