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Jul 03 - 07:55 AM

GBP/USD - COMMENT-No EU-UK Deal Is Not A Good Option For Sterling

By Rob Howard  —  Jul 03 - 06:05 AM

Although British Prime Minister Boris Johnson says there are other good options if a trade deal between the European Union and the United Kingdom can't be agreed, those options are unlikely to be good for the pound.

Johnson told LBC radio on Friday that an "Australia-style" arrangement would be a "very good option" if an EU-UK trade deal can't be agreed nL8N2EA1T4.
Last Saturday, Johnson told his Polish counterpart that Britain is ready to quit its transitional arrangements with the EU on "Australia terms" if there is no deal nL8N2E409Y.

On Thursday, EU chief negotiator Michel Barnier said "serious divergences remain" between the EU and Britain.
This was echoed by his UK counterpart David Frost, who said there are "significant differences" between the EU and Britain "on a number of important issues" nL8N2E93R9.

Fear that the EU and Britain might not reach a trade deal before-year end influenced the pound's drop to a 13-week low against the euro, 1.09, at the start of this week.
EU-UK trade negotiations resume next week.
Related comment: nL1N2E60A8

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Source:
Refinitiv IFR Research/Market Commentary

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