The pound erased the day's gains as inflation at 2.7% in April wasn't seen as strong enough to prompt the Bank of England to bring forward a rate increase. The currency may also have been influenced by a European Court ruling on a Singapore trade deal that might set a precedent for the U.K. in Brexit negotiations.
This might be the start of the prolonging negotiations that are yet to come for the UK with the European Union, that might have an impact not only for the trade relations between the two parties, but also with third countries as well.
Source: Bloomberg Pro Terminal
Senan Fuchedzhiev - Trader
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