Pound Swings as Traders

Live FX Signals on | Pound traders are positioning for a choppy ride as trade negotiations between Britain and the European Union reach a watershed moment.

Britain says Brexit trade deal

The currency suffered its biggest drop in close to three weeks after the EU’s chief negotiator Michel Barnier said a deal wasn’t guaranteed, while the relative cost of hedging against a weaker sterling climbed to a nearly seven-month high.

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Traders are getting jumpy as the Dec. 31 deadline to reach an agreement nears. Many investors expect the two sides to strike a deal, which leaves the currency vulnerable to any setbacks that could upend that assumption.

Britain sticks to stance in EU trade

“We haven’t seen a move like that in the pound-dollar pair thus far, with the market ignoring most negative comments in recent weeks,” said Jordan Rochester, a currency strategist at Nomura International Plc. “I don’t think this leads to a sustained selloff in the pound but it’s definitely going to be choppy from here.”

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Barnier told EU ambassadors that the three main obstacles to a trade deal with the U.K. remain unresolved: a level playing field for business, access to British fishing waters and the way in which the overall agreement is enforced.

EU says Brexit deal still

The pound fell as much as 0.6%, it’s biggest drop since Nov. 12, to $1.3339. It briefly matched a three-month high earlier in the session, with officials racing to strike a deal before the start of next week.

Pound Swings as Traders

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