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Sterling plunges to six-week low against US dollar as UK and EU clash over Brexit

By Ramla Soni

The pound is set for its worst week against the euro and the dollar since mid-December despite steadying in later trading

Sterling fell to a six-week low against a strong dollar as UK Prime Minister Boris Johnson looked to reinforce his deal on Britains withdrawal from the European Union (EU).

The EU and Britain clashed over a post-Brexit trade deal with the two sides setting out very different visions of a future relationship.

Sterling, which shed more than one per cent against the dollar and the euro on Monday, extended its falls early on Tuesday before steadying towards the end of the day.

The pound fell 0.4 per cent to $1.2942, its lowest since December 25 and fell by 0.3 per cent versus the euro to 85.35 pence, its weakest since January 21 before straying into positive territory.

The UK and the EU have until the end of the year, when a transition period expires, to secure a deal on trade and future relations.

Brussels says it wants an ambitious zero-tariffs and zero-quotas trade deal, but has been clear this will be conditional on open and fair competition between the two.

Johnson has said Britain will not comply to the bloc’s rules and regulations. The EU has warned that access to its single market of 450 million people will depend on how far London can work with the EU to reach a mutual ground which benefits both parties such as rules on environmental and labour regulations.

The pound is set for its worst week against the euro and the dollar since mid-December.

Britain and the EU still have yet nine months of negotiations where every policy, detail and fragment will be thoroughly scrutinised before a final withdrawal agreement is reached.

Johnson has told the British public that the withdrawal bill will be done on the terms of British politics and British needs.

FURTHER READING: UK must retain financial regulation role after Brexit, says advisory group

FURTHER READING: Sterling suffers morning losses as hasty Brexit looks more likely

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