Pound Weakens on Political Discord Ahead of Brexit Negotiations
- Sterling near 10-month high but analysts see limited upside
- Second-round Brexit talks to focus on EU citizens’ rights
Brexit Bill, Citizens' Rights Become Focus of Talks
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The pound fell from a 10-month high against the dollar on concern that discord within the U.K. government is worsening before the nation starts the second round of Brexit negotiations with the European Union.
Sterling snapped a three-day advance ahead of the talks that are likely to focus on protecting citizens’ rights, which has been a key sticking point so far. Chancellor of the Exchequer Philip Hammond exposed tensions within the British cabinet at the weekend by stating that transitional arrangements at the end of talks are likely to last a couple of years, far longer than the couple of months suggested by Trade Secretary Liam Fox.