Sterling Hits Intraday Lows as May Says UK-EU at Impasse
Investing.com - The pound fell to an intraday low against the dollar on Friday after UK Prime Minister Theresa May said that the UK and European Union were at an impasse in Brexit negotiations.
At 9:34 AM (13:34 GMT), GBP/USD slumped 1.36% to 1.3081, having moved as low as 1.3075 after May’s remarks.
May explained that the talks have stalled because the EU rejected British proposals without offering an alternative.
She added that the UK government will continue to work on preparations for the possibility of a no-deal Brexit.
EU leaders rejected May’s Chequers proposal on Thursday, casting doubt on a compromise being found, despite the UK being only months from leaving the economic bloc.
Officials from both sides had commented that reaching an agreement by the official EU summit in October was unlikely and had confirmed that another will be held in mid-November.
EU countries and the UK Parliament must approve any agreement prior to the March 29 official exit date.
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