Search ForexCrunch

British Cabinet Minister Michael Gove said on Thursday that they hope to conclude an agreement with the European Union but noted that talks could go until after Christmas, as reported by Reuters.

Additional takeaways

“Realistically, the deadline is in days immediately after Christmas.”

“The EU may need to use the provisional application of the trade deal.”

“We want to have a bill before parliament agreed in both houses before January 1st.”

“If we can’t get a deal before December 31st, then we will revert to WTO terms.”

“If we don’t get a deal, there will still be conversations with the EU.”

“We will not go back into negotiations in search of a full free trade agreement.”

Market reaction

The GBP/USD pair showed no immediate reaction to these remarks and was last seen gaining 0.75% on a daily basis at 1.3608.