The pound is weaker this morning, though is still at strong levels against the dollar, as it continues to be driven by Brexit headlines. Both the Prime Minister and European Commission President confirmed yesterday that big differences remain between the UK and the EU, particularly over the issue of fishing rights.
The European Parliament has said that a trade deal would need to be agreed by Sunday for it to be ratified in time, but December 31 is still the only ‘hard’ deadline. Talks will continue in Brussels today.
Data released this morning shows that retail sales in the UK dropped by 3.8% in November as the nationwide lockdown hit the high street. Clothing stores suffered the most, while fuel also dropped as the lockdown impacted journeys.
As Brexit talks continue, we could see volatility for the pound over the coming days and weeks. Take this opportunity to make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
