GBP Ticking Time Bomb as Brexit Extension Deadline Approaches

The UK is running out of time, as it heads towards its one and only chance to request a Brexit deadline.

Talks have not been going well and there is a clear lack of progress being made, between the UK and the EU.

Comments yesterday were seen out of the Irish foreign minister Simon Coveney, who said, Brexit talks are heading towards another crisis point unless progress is made in the next two rounds of talks.

Coveney said:

Progress in talks over the future relationship between the European Union and UK has not been good. Unless there is significant progress in those negotiating rounds then I think we are going to reach yet another crisis point in the Brexit negotiations, which from the Irish point of view is very, very serious.

As a reminder, the UK has just until the end of this year to hash out a deal, which is looking unlikely. If they do not ask for an extension in June, then they risk leaving the EU without a deal, an economic catastrophe.

Elsewhere, pressure was seen on GBP in early European trading, where it appeared UK Construction PMI data had been leaked. A heavy drop was seen for the pounds across the board, some 10-minutes prior to the data.

Britain’s construction sector was hit with by far its biggest contraction since the launch of the survey 23 years ago as the coronavirus lockdown shuttered building sites and suppliers.



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