The pound lost the gains it made yesterday against the euro as hopes were raised of a breakthrough on fisheries, after David Frost said before Parliament’s Brexit Committee that the current offer would not be ‘likely to produce an agreement’, and reiterated that the UK will not seek an extension to the transition period. Boris Johnson is expected to travel to Brussels in June to meet with EU leaders.
Andrew Bailer, the Governor of the Bank of England, has said that the UK is entering the ‘second phase’ of the crisis, although economic risks still remain significant.
The rest of this week is light on economic data, so it seems likely that movement will be largely dictated by external factors. However, we will see nationwide housing prices, expected to show an increase year-on-year but a drop based on the previous month.
