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Andrea Beltramello, a European Commission official, told an FIA online event that equivalence assessments for the UK financial services market access are ongoing.

Further comments

“Taking into account how far the UK will diverge from the bloc’s rules.”

“We need to have a forward-looking approach and have a good understanding of the intentions the UK has in terms of future financial regulation.” 

Market reaction

GBP/USD is testing lows near 1.2520, down 0.18% on the day, as the pound traders remain jittery ahead of the announcement of the new measures by the UK Chancellor Rishi Sunak to bolster the economy.

The above comments could likely add to the pain in the cable.