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The pound sterling has hit a record high of 2018, reaching $1.3417 per pound. Last week, the currency surpassed $1.35, the highest level since May 2018. However, today the pound sterling is trading at 1.3321. The euro is trading at 1.2161 against the US dollar. USD/JPY decreased by 0.13% to 104.04 yen. The US dollar index, which measures the US dollar against a basket of major currencies, decreased by 0.05% to 90.92 points.
Brexit remains the most exciting topic for investors. The UK will leave the EU on January 1, 2021, but the trade negotiations still have no good results. The representatives of both parties have tentatively agreed on the execution of the contract. Meanwhile, the UK established trade relations with Norway and Iceland in 2021.
British Prime Minister Boris Johnson has recently met with Ursula von der Leyen to discuss a free trade agreement. Johnson claims that the EU is currently setting unacceptable conditions for the UK.
According to experts, traders are positive about Mr. Johnson's trip and are cutting short positions.
Besides, the UK has also entered into a post-Brexit trade deal with Canada. This gives confidence to UK companies exporting £11.4 billion worth of goods and services to Canada.
Moreover, this deal supports such spheres of Britain's activity as automobile manufacturing, food and beverage production, etc. This, in turn, provides jobs for more than half a million people across the country.
According to the agreement, duty-free delivery of British cars to Canada will continue between Britain and Canada. In 2019, car exports to Canada totaled £757 million. In addition, duty-free trade of British beef, fish and soft drinks will continue. This is really beneficial for UK manufacturers.
This agreement is expected to come into force on January 1, 2021, when the Brexit transition period ends.
The UK and Canada plan to conclude an individual bilateral trade agreement in 2021 with an expanded list of duty-free trade of goods and services.
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