EU agree to further Brexit negotiations


Hi everyone,

Sterling posted a strong recovery yesterday afternoon after an initial slide following the BoE's comments of slow growth forecasts for 2019 & 2020. The downgrade came to no real surprise, but £ fell quickly nevertheless following the news. Economic outlook for both the UK & EU is at it's lowest in 10 years. 

However, EU's Brexit coordinator Guy Verhofstadt said during his press conference yesterday "No-deal Brexit is not an option for us" and with those comments, the Pound reacted very positively. This is in complete contrast to Donald Tusk's words earlier in the week, that were highlighted all over the UK press.

Theresa May will take a small win for being able to re-open negotiations with the EU, after their stance since the confirmed deal. May will meet European Commission President Jean Claude Juncker again at the end of the month, whilst UK's Brexit Secretary Stephen Barclay discusses alternative arrangements to the Irish backstop on Monday with EU's lead Brexit negotiator Michel Barnier. So many titles! 

Interesting news again from yesterday that Labour are open to softening their red lines and are willing to work with the Government to achieve a Brexit deal came as a nice surprise to the market. A soft Brexit looks as if it is becoming more likely. Until next week..


Dan Waterman
Office Manager

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