PUBLISHED: 08:04, Thu, Sep 10, 2020 | UPDATED: 08:05, Thu, Sep 10, 2020
The pound recovered slightly against the uro yesterday after a week of dramatic losses in the face of Brexit trade talks. With the threat of a “no-deal” Brexit ongoing, and the UK Government unveiling its “international law breaking” Internal Market Bill, it is likely this isn’t the end of ups and downs for the exchange rate.
The pound is currently trading at a rate of1.1012 against the euro according to Bloomberg at the time of writing.
Traders are set to keep their eyes on relevant political developments linked to the UK departure from the EU.
Though the Brexit transition period does not end until December 31 2020, both sides have until October 31 to reach an agreement in order to secure enough time for ratification.
However, the UK’s approach has been criticised by a number of European parliament officials.
READ MORE: Pound to euro exchange rate: GBP plummets to new low
Pound to euro exchange rate: Brexit trade talks cause concern for the exchange rate (Image: DX / Getty)
Pound to euro exchange rate: The pound has suffer a series of falls in recent weeks (Image: Bloomberg)
European Parliament President David Sassoli warned that "trust and credibility" will be lost if the UK refuses to continue with its commitments.
Ireland's Foreign Minister Simon Coveney said the UK's approach was "hugely problematic and illegal”.
Yet the UK claims that the EU needs to be "more realistic about the UK's status as an independent country”.
Michael Brown, currency expert at Caxton FX spoke exclusively to Express.co.uk to share his insights into how this is likely to impact the exchange rate.
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