Boris Johnson to set out further details on Brexit later today

The trading day revolves around the words that come out of the Prime Ministers mouth later today, as he gives his response to whether the UK will continue with negotiations beyond this week. The market has certainly not priced in Johnson pulling the plug, but traders are nervous over recent remarks on talks from both sides.

Firstly, the EU statement read "it's on the UK to make the necessary moves to make an agreement possible". Also, "we remain determined to reach a fair deal. We will do everything we can, but not at any price". The UK responded with "We are disappointed and surprised by the EU's position on Brexit. Also surprised by suggestion that to get an agreement, all future moves must come from UK. It's an unusual approach to conducting a negotiation" The stand-off continues..

French President Macron's comments were interesting "On no account will our fisherman be sacrificed for Brexit. We didn't choose Brexit, the British people did". The problem here is, if there is a no-deal scenario, then France would lose access entirely to UK fishing waters. Comments like this can't really be helping the fishing issue on the EU side and France will likely be forced into a compromise. 

If talks continue, the Pound should receive a little lift, but kicking the can down the road once again doesn't mean we are closer to securing a deal and so Sterling will remain at current levels. There is every chance that the end of the month deadline will be a no-go and talks could realistically get pushed towards December 31st. How the £ will perform in that scenario remains to be seen. 

 
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