Pound V euro: GBP remains as investors remain focused on Brexit update
GETTY The pound has slipped against the euro today
This is a step down from last week’s GBP/EUR high of €1.149. With no influential domestic data driving movement this morning, investors instead remain focused on the latest Brexit updates. Last Friday it was announced that the UK and EU had finally managed to reach a deal on the first stage of negotiations, although concerns that trade talks would still be delayed sent Sterling lower. Now Brexit Secretary David Davis is clashing with the Irish Government over the contentious issue of the Irish border.
This was never going to be an easy process Theresa May
Over the weekend, Mr Davis came under fire from the Irish government for a lack of clarity about the Irish border deal. Mr Davis stated that last week’s Irish border deal was a ‘statement of intent’, which suggests that it could be subject to change. Voicing Ireland’s concerns about the situation, government Chief Whip Joe McHugh said: “We will, as a sovereign government in Ireland, be holding the United Kingdom to account, as will the European Union. “My question to anybody within the British government would be: why would there be an agreement, a set of principled agreements, in order to get to phase two, if they weren’t going to be held up?
GETTY David Davis came under fire from the Irish government over the weekend
“That just sounds bizarre to me. This, as far as we’re concerned, is a binding agreement, an agreement in principle.” These brewing storm clouds come in spite of optimism from Prime Minister Theresa May. She said: “I have always been clear that this was never going to be an easy process. It has required give and take for the UK and the EU to move forwards together. “And that is what we have done.” The euro, meanwhile, has advanced against the pound and US dollar today.
GETTY These brewing storm clouds come in spite of optimism from Prime Minister Theresa May