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Title : Pound Drops, Merkel Takes Down Johnson's Brexit Proposal
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Pound Drops, Merkel Takes Down Johnson's Brexit Proposal
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The GBP / USD currency pair has plummeted around 0.7 percent to around 1.2195 at the start of the New York session (8/10) as market expectations of the prospect of an agreement between the UK and the European Union regarding the post-brexit border rule of Ireland. However, the decline will be limited because the brexit negotiations continue.
British mass media reported that German Chancellor Angela Merkel told British Prime Minister Boris Johnson that it would not approve any brexit agreement unless Northern Ireland remained in a single European Union customs unit "forever". In other words, Merkel rejected the brexit proposal submitted by Johnson last week and was predicted as a "final offer" for the European Union.
This news undermines market confidence in the possibility of reaching a brexit agreement that can be formalized at a European Union summit next week. The problem is that both MPs and the British government both consider the prospect of implementing a different customs regime in Northern Ireland as an effort to break the sovereignty of the British region.
"GBP / USD is under pressure because brexit negotiations are turning gloomy quickly. After a few days of tugging, it seems (this slump) this one can start accelerating after Merkel seems to dispel the prospect of a deal, "said Richard Perry at Hantec Markets.
While Artur Baluszynski, head of research at Henderson Rowe, revealed, "With a minimum of mutual understanding, there seems to be very little benefit in continuing negotiations. A 'No-Deal' is the most likely outcome (both), both parties will now focus their attention in the game of blaming each other and looking for scapegoats, ".
"The words used by representatives of the European Union and Britain do not contribute to reaching an agreement. Consequently, mutual blame will follow (current situation). Final words: the British currency roller coaster continues! "Said Marc-André Fongern of MAF Global Forex.
Despite the news, analysts agreed that the confusion surrounding this issue could continue until the European Union summit on 17-18 October 2019. During the meeting, Britain was expected to submit a proposal that could be approved. If not, the UK will probably submit an application to postpone the deadline until early 2020.
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