UK PM Johnson's spokesman: There will not be an extension to post-Brexit transition period

Eren Sengezer FXStreet

The government wants to restore the public trust and there will not be an extension to the bost-Brexit transition period, British Prime Minister Boris Johnson's political spokesman said on Tuesday while commenting on European Commission President Ursula von der Leyen remarks.

Von der Leyen said that there was not enough time for a full, new EU-UK partnership deal by the end of 2020.

The GBP/USD pair continues to edge lower below the 1.3100 mark and was last seen trading at 1.3090, erasing 0.25% on a daily basis. Below are some additional takeaways, per Reuters.

"PM Johnson will stress the importance of securing a positive future relationship and ambitious free trade agreement by year-end in meeting with EU Commission President."

"We’ve been clear that political and regulatory alignment with the EU is not something we are looking for."

"UK does not want the mantra that 'nothing is agreed until everything is agreed' to define the trade talks."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD strengthens to near 1.3400 as UK political risk fades

The GBP/USD pair gathers strength near 1.3395 during the Asian trading hours on Thursday, bolstered by fading domestic political uncertainty. However, hawkish minutes from the Federal Reserve and renewed tensions between the US and Iran might support the US Dollar and cap the upside for the major pair.

EUR/USD reverses losses, targets 1.1450

EUR/USD trades with decent gains north of the 1.1400 hurdle in the latter part of Wednesday’s NA session. The fresh offered stance in the US Dollar allowed the pair to revert the initial drop and refocus on the upside despite the hawkish tone from the FOMC Minutes and persistent geopolitical tensions.

Gold keeps the red despite softer USD; stays below $4,100

Gold trades with a mild negative bias in the Asian session on Thursday, fading the overnight bounce from $4,020, or a one-week low. Minutes of the June FOMC meeting showed an evenly divided debate over the monetary policy outlook and failed to impress the US Dollar bulls, which is supporting Gold. However, fresh US-Iran tensions drive Oil higher, reviving inflation concerns and limiting the USD's downside and the bullion's rebound.

Ethereum: Bulls reclaim dominance, but buying remains weak

Ethereum has slowly seen a return of bullish dominance over the past few days after a lengthy period of bearish pressure. However, buying pressure remains weak despite registering nearly a 10% gain since the beginning of the month.

2.50%: Why the Kiwi's first hike in three years is a wager on a number nobody can see

The Reserve Bank of New Zealand (RBNZ) raised the Official Cash Rate (OCR) by 25 basis points to 2.50% at 02:00 GMT on Wednesday, its first hike in three years and the moment the bank that cut deeper than any G10 peer last cycle turned to face the other way.

Bye, forward guidance: How to trade when central banks choose silence

Central banks have spent years telling markets what might come next. Now, traders face the possibility that they say a lot less. From the Federal Reserve to the European Central Bank and the Bank of England, policymakers are pushing back against forward guidance.