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Andrew Bailey, Governor of the Bank of England, has said noted limits to what his institution can do to mitigate disruption at the end of the Brexit transition. Bailey also added that work on negative interest rates is still ongoing. The BOE convenes next week to announce its last decision of the year.

GBP/USD has extended its losses, falling to a new trough of 1.3184, the lowest since November 18. Sterling was earlier hit by fears of a no-deal exit after European Commission President Ursula von der Leyen said that the probability of a no-deal is higher than reaching an according. UK Prime Minister Boris Johnson said on Thursday that there is a “strong possibility” of a no-deal Brexit.