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Pound Drops as Failure to Break Impasse Drags Out Brexit Pain

  • Sterling fell more than 1% against the dollar and euro
  • Negotiations have struggled despite months of technical talks
Bloomberg business news
Pound Drops After Leaders Dinner Fails to Break Brexit Impasse
Updated on

The pound fell after a face-to-face meeting between European Union and British leaders failed to yield a Brexit trade breakthrough, with the two sides agreeing to keep talking until Sunday.

The currency dropped over 1% against both the dollar and euro as traders looked to yet another cut-off date for a deal, and as officials with knowledge of the discussions said negotiations are on course to end without one barring a dramatic last-minute intervention. Money markets brought forward expectations for a Bank of England rate cut, betting on a move to 0% in August from December 2021 previously.