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Forex News

To hold 9 negotiating rounds by October

On Monday, the European Union (EU) Chief Brexit Negotiator Michel Barnier reiterated that more than 10 months are needed to get an EU-UK deal.

He said that both sides are likely to hold nine negotiating rounds by October to reach a deal.

Brexit negotiations seem to have begun little more than 48 hours after Britain’s historic departure from the EU.

In an interview with LCI television on Sunday, Barnier said: “There will be two conditions which will be very clear in this trade agreement: we want an agreement on fisheries, which will be difficult, on reciprocal access to waters and markets for British and French fishermen and at the same time, in this trade agreement, we want an agreement on a level playing field.”

FX Implications

The pound remains under heavy selling pressure so far this Monday, as fears over post-Brexit no trade deal weigh, with the UK PM Johnson likely to adopt a tough stance in the trade negotiations with the EU.

At the press time, GBP/USD drops 0.40% to a fresh session low of 1.3141, correcting further from a three-week high of 1.3210 reached last week.  

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