Listen to this article
Give us your feedback Thank you for your feedback.
What do you think?
The UK pound shed its gains in volatile action after hopes that the first phase of Brexit talks would reach a conclusion today were dashed during a press conference in Brussels.
Sterling was recently flat on the day at $1.3459. It traded above $1.35 before the news, and had reached a session high of $1.3538 earlier in the day.
“Despite our best efforts and significant effort, it was not possible to reach a complete agreement today,” said Jean-Claude Juncker, European Commission president. “This is not a failure, this is the start of the very next round.”
Sterling fluctuated in a wide range as this week got underway, with investors eyeing every single development in Brexit talks crucial for moving on to discussions on a UK-EU trade deal to be put in place following Britain’s separation from the bloc.