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- European session review: GBP weakens amid reemerged concerns over outcome of EU-UK trade talks
European session review: GBP weakens amid reemerged concerns over outcome of EU-UK trade talks
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Eurozone | Current account, unadjusted, bln | October | 33.5 | 34.1 | |
| 09:00 | Germany | IFO - Expectations | December | 91.5 | 92.8 | |
| 09:00 | Germany | IFO - Current Assessment | December | 90.0 | 91.3 | |
| 09:00 | Germany | IFO - Business Climate | December | 90.7 | 92.1 | |
| 11:00 | United Kingdom | CBI industrial order books balance | December | -40 | -34 | -25 |
GBP fell against its major rivals in the European session on Friday, as concerns over the outcome of the trade talks between the EU and the UK reemerged after pessimistic remarks from both sides' leaders.
EU's chief Brexit negotiator Michel Barnier warned there are "just a few hours left" for the two sides to agree on a post-Brexit trade deal. He also said that the obstacles for a deal remain large, but it is still possible.
Meanwhile, the European Commission's (EC) spokesperson acknowledged that many issues regarding fisheries remain difficult to solve and said it is still unknown if and when the sides will reach an agreement.
British Prime Minister (PM) Boris Johnson stated that the UK's position is "to keep talking if there is any chance of a deal", but added that "things are looking difficult" and "there is a gap that needs to be bridged". He also noted that the EU's negotiators must “bring something to the table” in talks or the UK will leave the transition period on WTO terms.
The latest comments of the EU and the UK's leaders raised a little bit of doubt about whether the sides would be able to strike a trade deal before the UK's post-Brexit transition period ends on December 31.
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