Relieved pound jumps as Brexit talks go beyond deadline
By Saikat Chatterjee LONDON (Reuters) - The British pound gained a percent against the dollar and the euro in relief after Britain and the European Union agreed to continue talks on post-Brexit trade beyond Sunday's deadline. Against the dollar, the pound rose 1.1% to $1.3360, compared with Friday's close of $1.3222. Against the euro, it strengthened 1 percent to 90.58 pence.
By Saikat Chatterjee
LONDON (Reuters) - The British pound gained a percent against the dollar and the euro in relief after Britain and the European Union agreed to continue talks on post-Brexit trade beyond Sunday's deadline.
Against the dollar, the pound rose 1.1% to $1.3360, compared with Friday's close of $1.3222. Against the euro, it strengthened 1 percent to 90.58 pence.
While trading was largely illiquid in late Sunday hours, the jump in the value of the pound pointed towards a relief rally for the British currency on Monday, after it fell to a one-month low last week on concern that Britain would crash out of the EU's orbit without a deal in place.
British Prime Minister Boris Johnson and the president of the EU's executive Commission, Ursula von der Leyen, had given negotiators a Sunday deadline to find a way to resolve an impasse on arrangements that would guarantee Britain zero-tariff and zero-quota access to the EU's single market.
On Sunday, they mandated negotiators to continue discussions.
Despite the gains, analysts were cautious on the outlook for the pound, as the currency's 18% rally to a 2-1/2 year high earlier this month has meant the room for disappointment is low if a trade deal falls short of market expectations.
"There is already a lot of good news priced in at these levels and even if we get some sort of a skinny deal before the end of the year, the market will see through it and sell the pound," said Marija Veitmane, a multi-asset strategist at State Street Global Markets.
Latest positioning data for the week ending Dec. 8 showed hedge funds flipped to a net long position on the pound on expectations of a trade deal.
(Reporting by Saikat Chatterjee; Editing by Andrew Cawthorne and Alex Richardson)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
DAKAR (Reuters) - More than 20 people, including children, were killed in an airstrike during a wedding ceremony in central Mali on Sunday, a health worker with knowledge of the attack told Reuters. (Reporting By Edward McAllister; Editing by Aaron Ross)
By Estelle Shirbon and Natalie Thomas LONDON (Reuters) - Britain began its third COVID-19 lockdown on Tuesday with the government calling for one last major national effort to defeat the spread of a virus that has infected an estimated one in 50 citizens before mass vaccinations turn the tide. Finance minister Rishi Sunak announced a new package of business grants worth 4.6 billion pounds ($6.2 billion) to help keep people in jobs and firms afloat until measures are relaxed gradually, at the earliest from mid-February but likely later
By Dominique Vidalon and Sudip Kar-Gupta PARIS (Reuters) - France is stepping up its COVID-19 vaccine rollout by widening the first target group to include more health workers and simplifying a cumbersome process to deliver shots more quickly, Health Minister Olivier Veran said on Tuesday. France's inoculation campaign got off to a slow start, hampered in part by red tape and President Emmanuel Macron's decision to tread warily in one of the world's most vaccine-sceptical countries. France has fallen behind neighbours such as Britain and Germany, and the president is now demanding the vaccination programme be expedited