Amidst the last-ditch talks held between the UK and France to resolve the dispute over the fishing licenses and checks, French President Emmanuel Macron, who will meet the UK Prime Minister Johnson at the G20 meeting in Rome on Sunday, said the row was “a test” of the UK’s “credibility”, in a Financial Times (FT) interview.

On the other hand, PM Johnson urged the British fishermen to “be confident about going about their lawful business” as he promised action against any infringements on their right to fish.

Meanwhile, the head of the French ports of Calais and Boulogne, Jean-Marc Puissesseau warned, “It will be a drama, it will be a disaster. It will be chaos in your country because the trucks will not cross, it will be chaos at the ports. It has reached a ridiculous point, I would say.”

FX implications

Amid renewed Brexit concerns and pre-BOE caution trading, a potential recovery in GBP/USD from Friday’s massive sell-off is likely to remain shallow.

The cable tumbled 0.80% on the day to hit two-week lows of 1.3668 last Friday, settling the week at 1.3678. The steep drop could be attributed to the month-end flows into the US dollar, lifting the buck from four-week troughs.

Read: GBP/USD Weekly Forecast: Duo of central banks and Nonfarm Payrolls promise wild action

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats below 1.0900 amid risk aversion

EUR/USD retreats below 1.0900 amid risk aversion

EUR/USD has declined below 1.0900 after having spent the first half of the day fluctuating in a tight range near that level. The risk-averse market environment, as reflected by falling US stocks, helps the US Dollar gather strength and weighs on the pair in the American session.

EUR/USD News

GBP/USD struggles to hold above 1.2400

GBP/USD struggles to hold above 1.2400

GBP/USD came under modest bearish pressure and declined below 1.2400 in the second half of the day on Monday. The cautious market mood ahead of this week's high-impact events seems to be supporting the US Dollar and capping the pair's upside.

GBP/USD News

Gold: Investors defend the $1,900 threshold ahead of critical first-tier events Premium

Gold: Investors defend the $1,900 threshold ahead of critical first-tier events

Spot gold trades uneventfully for a second consecutive day, hovering around $1,923 a troy ounce. The Greenback started the week with a positive tone, although gains were modest ahead of the multiple first-tier events scheduled for later this week.

Gold News

Here’s why Ethereum-killer Cardano whales are shedding their ADA holdings

Here’s why Ethereum-killer Cardano whales are shedding their ADA holdings

Cardano network’s large wallet investors have started selling or redistributing their holdings. ADA price has broken out of the multi-month downtrend and the next bullish target represents a 10% climb. 

Read more

Lucid Group adds 12% on Monday to Friday's 43% gain

Lucid Group adds 12% on Monday to Friday's 43% gain

Lucid Group (LCID) has reversed course in Monday's premarket. Shares of LCID first shed more than 6% early in Monday's premarket, before rising more than 12% later in the session. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures