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- European session review: GBP strengthens despite caution ahead of new round of UK-EU trade talks
European session review: GBP strengthens despite caution ahead of new round of UK-EU trade talks
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 08:00 | U.S. | FOMC Member Brainard Speaks |
GBP rose against other major currencies in the European session on Tuesday, even though analysts remained cautious about the outlook for the pound as a new round of the UK-EU trade negotiations began.
The negotiators from the UK and the EU are to begin another - the sixth - round of talks on a post-Brexit trade deal later today. It is expected that the Brexit-related headlines could drive the volatility in sterling this week, causing investors to price back in the possible outcomes of the talks.
Last week, Britain's chief Brexit negotiator David Frost stated that the UK wants a deal with at its core a free trade agreement like the one the EU has with Canada. He also suggested that the trade agreement with the EU can be reached in September. Yesterday, the UK PM Boris Johnson’s spokesman reiterated that Britain still believes the deal can be reached next month.
Meanwhile, the two sides should iron out their disagreements over competition rules, fishing rights, and how a deal would be enforced.
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