The pound jumps after the European Union negotiator on Brexit said a trade deal is within reach

The pound jumps after the European Union negotiator on Brexit said a trade deal is within reach

BRUSSELS, BELGIUM – February 3: The chief EU negotiator on Brexit, Michel Barnier, speaks during a press conference in Brussels, Belgium on February 3, 2020.

Anadolu Agency

Sterling pound It jumped more than 0.8% versus U.S. dollar On Wednesday, after the European Union indicated that a trade deal with the United Kingdom was still possible.

“Despite the difficulties we have faced, an agreement is within reach if both sides are willing to work constructively, if both sides are willing to make concessions and if we can make progress in the next few days on the basis of legal texts,” said Michel Barnier. The chief negotiator of the European Union before the European Parliament “If we are ready over the next few days to solve the sticking points, the most difficult issues will be”.

His comment gave traders some optimism that a trade deal between the UK and the EU would be reached nonetheless Their negotiations have stalled On the same three cases for months.

On Friday, the Prime Minister of the United Kingdom Boris Johnson Dark tone when warning exporters to prepare for a disagreement with the European Union. A government spokesman went further the same day, saying that European negotiators did not need to travel to London this week if the European Union did not change its approach to talks.

British officials were disappointed late last week when European leaders called on the UK to “take the necessary steps to make the agreement possible”.

These tensions halted negotiations, but the European Union has now said it is ready to return to the negotiating table once the UK government chooses to do so as well.

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