Citing unnamed senior government officials, the Financial Times (FT) reports that the UK Prime Minister (PM) Boris Johnson’s government has lost hopes of reaching a trade deal with the US before the November American presidential election.
Key quotes
“British government has abandoned hopes of reaching a US-UK trade deal ahead of this autumn’s American presidential election.
British officials blaming the COVID-19 pandemic for slow progress.
Senior government figures have concluded no comprehensive deal is possible before the November poll.
A third round of talks will begin via online video conference on Monday but neither side expects a conclusive breakthrough.”
Market reaction
The above report seems to have weighed on the pound, as GBP/USD turns negative and tests daily lows near 1.2720 region.
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