New Advisory Panels Established
In a sign that the UK PM is determined to clinch a last minute trade deal with the Eurozone, Boris Johnson has reportedly established a new set of advisory groups aimed at helping the government secure a Brexit trade deal. The 11 new panel groups will include experts from a wide range of fields such as investment, science and financial services and will support government negotiators as the talks continue.
Face To Face Talks Resume
The UK has been locked in talks with the EU for several weeks now, having recently confirmed that the two economies are once again undertaking face to face talks, oscillating between London and Brussels on a weekly basis. However, with little to no progress recorded yet, the two sides remain heavily divided over key issues such as fishing rights and movement of citizens for instance.
Liz Truss, the International Trade Secretary has once again called on the government to secure a trade deal which will benefit all sectors of the UK economy, saying: This is about bringing business closer to the negotiating table and using their expertise to help secure the best possible deals that deliver jobs and growth across Britain.”
Commenting on the progress of talks with other key trading partners, Truss said: “Talks with Japan, the US, Australia and New Zealand are entering their crucial latter stages, so it is only right that we step up engagement with vital industries to utilise their technical and strategic expertise.”
UK/Japan Trade Talks Seeing Better Progress
Trade talks with Japan have reportedly been the standout negotiations for the UK so far. The UK is attempting to secure a reduction in trade tariffs for UK agricultural products along with wide access to Japanese markets for British financial services firms.
As the UK/EU trade talks continue, there is a great deal of speculation around how long the talks will be allowed to run for. Johnson has previously warned that talks could be pulled in June if there was no agreed outline for a deal. However, following the disruption caused by COVID-19 this was since pushed back to the end of July. However, with talks still underway and looking no closer to a deal, the market is wondering how close to the December 31st deadline talks will be permitted to run.
EURGBP (Bullish above .8861)
From a technical viewpoint. Following the breakdown below the rising trend line from year to date lows, price has since stagnated around the .8970-90 range. Though now below the 50 dma also, while the .8861 level holds as support, a further move higher cannot be ruled out. Should price break below there, however, the next main support is down at the 8544 region.
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