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Coımmenting on the prospects of an EU-UK trade deal, “it’s not looking good,” said Mairead McGuinness, the European Union’s Commissioner for Financial Services, as reported by Reuters.

“The UK s failing to understand the need for compromise,” McGuinness added.

Market reaction

The British pound remains depressed following these comments. As of writing, the GBP/USD pair was losing 1.3% on a daily basis at 1.3264. Additionally, the EUR/GBP pair was trading at its highest level since October 21st at 0.9128, gaining 1.2% on the day.