Possible strong movements in GBP, as Theresa May will give a major speech on Brexit negotiations next week

Prime Minister Theresa May will next week travel to Italy to deliver a major speech on Brexit in what is being billed by Downing Street as a hugely important moment in negotiations.

May will address the world's media in the historic city of Florence on Friday, September 22 "to update on Brexit negotiations so far," a Downing Street spokesperson said on Wednesday.

The keynote speech will take place six months on from when May triggered Article 50 of the Lisbon Treaty and just a week before the Conservative Party will come together in Manchester for its highly-anticipated annual conference.

The prime minister will use the speech to "underline the government’s wish for a deep and special partnership with the European Union once the UK leaves the EU," the spokesperson added.

May's spokesperson refused to disclose further details on what the speech would include and whether it would contain any new information on proposals. "The PM has said that she would provide updates on how the negotiations were going and be engaged in an ongoing conversation with Europe, and that’s what she’s doing," they added.

May's spokesperson denied reports that the prime minister's speech was the reason for negotiations being pushed back, saying: "Both sides have settled on the date for the next round, after discussions between senior officials, in recognition that more time and consultation would give negotiations a flexibility to make further progress."

At the end of last month, the EU's chief Brexit negotiator, Michel Barnier, said there had been no 'decisive progress on any of the principle subjects' aforementioned, while the EU Parliament's Brexit spokesperson, Guy Verh0fstadt, described the proposals put forward by the British side on these issues as "not serious, fair or even possible."

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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