British pound perks up as new Brexit talks appear imminent

  • The British pound climbs as much as 1.7% after reports that the trade talks between the U.K. and European Union are on the verge of resuming.
  • Invesco CurrencyShares British Pound Sterling Trust ETF (NYSEARCA:FXB) gains 1.7% in late morning trading in New York.
  • A decision could come in the next 24 hours with negotiators ready to begin talks immediately in hopes of reaching a deal by mid-November, Bloomberg reports, citing three people familiar with the matter.
  • Although the U.K. officially exited the EU on Jan. 31, 2020, their trade agreements remain in place and are set to expire on Dec. 31, 2020.
  • Chief U.K. negotiator David Frost will speak with his EU counterpart, Michel Barnier, later today, the third time in as many days, to discuss how to break their impasse.
  • Until recently, U.K. Prime Minister wasn't convinced that the EU had changed its approach enough to resume talks. But that tone changed when Barnier said in a speech on Wednesday that the EU is willing to start drafting a legal text, acknowledge the U.K.'s sovereign independence, and is ready to compromise.

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