The Pound (GBP) limped over the finish line on Friday as a renewed focus on Brexit left the currency floundering at the very tail end of the week.
Denmark’s Finance Minister Kristian Jensen put Brexit back in focus on Friday as he warned that time is running out for the UK to strike a deal. He also echoed concerns that there is a strong chance of a ‘no-deal’ Brexit.
In the absence of any major UK data releases this week Brexit is likely to continue to be the main driver behind Sterling, something which could prompt significant losses if headlines remain negative.
Amazing (is it really?) to consider that the Brexit vote was taken in June 2016 resulting in a 51.9% to 48.1% in favour of exiting the EU from the 30 million who voted followed by initial negotiations commencing in March 2017.
Yet, some 2 years after the vote, any clearly defined and agreed extraction detail has yet to reach the table due to continual political wrangling and infighting between the main parties.
This despite an early EU directive that any transition period should not extend beyond the end of 2020 - half way there.
Looking forward to Tuesday, Dominic Raab Britain’s Brexit minister travels to Brussels for talks with Michel Barnier.
According to Reuters, UK prime Minister May’s office issued a statement advising that: “On the agenda will be resolving the few remaining withdrawal issues related to the UK leaving the EU and pressing ahead with discussions on the future relationship.”
So watch this space, but don’t hold your breath!