Sterling drops after Telegraph report

So The Telegraph has done it again with another souring report on Brexit negotiations. The report comes courtesy of a senior source who says 'the Government is abandoning hope for a trade deal with the EU'. The assumption is that there will end up being a basic deal agreed come Autumn time, but ultimately it will mean WTO terms on December 31st. 

The current round of talks are set to conclude tomorrow between the EU & UK and this will end July's round of negotiations. We can expect to hear from officials Thursday evening of the outcome to the talks. It is understood Chief negotiators David Frost and Michel Barnier will meet in August with the next round of talks scheduled in September. 

The Pound is still trading at the levels seen on Monday against the Euro and is actually up half a cent against the Dollar since the beginning of the week. Yesterday saw some decent gains by the Pound after comments made by Andy Haldane who is the Chief Economist at the BoE. He confirmed that the economy had already pulled back half of the lost ground sustained in March and April. The Pound reacted positively and jumped half a cent across the board. All hopes for a recovery now rests on Fridays retail sales and PMI figures. 

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