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- European session review: GBP strengthens as investors hope for EU-UK trade talks
European session review: GBP strengthens as investors hope for EU-UK trade talks
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:00 | Germany | Factory Orders s.a. (MoM) | October | 1.1% | 1.5% | 2.9% |
| 09:30 | United Kingdom | PMI Construction | November | 53.1 | 52 | 54.7 |
GBP appreciated against its major rivals in the European session on Friday as investors hoped that the UK and the EU would be able to secure a trade deal before the December 31 deadline.
Talks on post-Brexit trade relations between the UK and EU are ongoing on Friday and are expected to continue this weekend.
The incoming Brexit headlines are contradictory. Reuters reported, citing an EU official, that a trade deal with the UK is "imminent" and is expected by the end of the weekend, barring a last-minute breakdown in the negotiations. However, this information wasn't corroborated by any other source. Meanwhile, the UK PM Boris Johnson's spokesman stated that the sides are at "a very difficult point" right now and any weekend talks are contingent on what happens today. He also added that there are still some issues to overcome. Adding to the uncertainty, the Financial Times reported that the UK's accused France of making new demands at the last second, diminishing the chances of a deal being agreed by the end of the week. The French president Emmanuel Macron and Boris Johnson are due to meet this weekend.
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