UK's Frost: We want to negotiate a new balance with EU

Eren Sengezer FXStreet

David Frost, the British minister responsible for implementing the Brexit deal, noted on Wednesday that they have not been able to unlock the potential of the UK-EU partnership, as reported by Reuters.

Additional takeaways

"We have tried to operate the Northern Ireland protocol in good faith."

"More than 200 suppliers have decided not to sell to Northern Ireland."

"Some avenues for progress with the EU have been found."

"We have considered all our options."

"We want a new path, we want to negotiate a new balance with the EU."

"We should quickly agree on a standstill period with the EU to ensure room for negotiation."

"We urge the EU to look at our proposals with fresh eyes, to work with us."

Market reaction

The UK's FTSE 100 Index clings to strong daily gains following these comments and was last seen rising 1.3% on the day at 6,970.

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.

EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.