Pound drops over 1% as EU sets trade talk guidelines

Monday, 03. February 2020 11:36

The British pound surrendered gains from Brexit day on the first day of trading outside the European Union as Brussels announced draft guidelines for negotiations with London on a new partnership.

Chief Negotiator with the United Kingdom Michel Barnier stated in a press conference on Monday that talks on a future partnership should include a wide range of topics, stressing the importance of "open and fair competition" and reciprocity. The current deadline for the talks to finish is December 31, 2020.

At 11:33 am CET, the sterling lost 1.04% against the dollar to sell for $1.30674, lowest since last Thursday, while sinking 0.81% compared to the euro at 11:35 am CET, buying €1.18101.

The British currency was also sharply lower against the Hong Kong dollar and the Japanese yen at 11:39 am CET, going for 10.15100 and 141.76200, respectively.

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