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The Pound is trying to stay close to its two weeks highs. Overview for 21.02.2019

21 february 2019 - Fx4News

GBPUSD is moving a little bit upwards; investors are waiting for details of the Brexit agreement.

The British Pound is slowly growing against the USD on Thursday not far from its two weeks highs. The current quote for the instrument is 1.3071.

Investors are following the news relating to the Brexit talks and this news is now more than negotiations with the European Union. The United Kingdom has to extend a free trade agreement with Japan and South Korea before exiting the Union. Both countries are very important for the British economy: every year, they sell goods to the UK and buy goods from the UK worth 18.6B and 17B Pounds respectively. London can’t afford to lose such essential partners. 

Greg Clark, the Secretary of State for Business, Energy and Industrial Strategy, believes that it will be better to extend these agreements before the Brexit date, March 29th, while the Department for International Trade assures that the documents will be signed on March 30th, the next day after exiting the EU. 

Clark said that it would be inexcusable not to provide the country’s partners with a clear insight into trade conditions that might take effect in less than a month, because it would be even more stressful for the British business. For example, Clark spoke about the Thalassa Mana cargo that left the United Kingdom on Monday and is scheduled to arrive in Osaka, Japan, on March 30th, under yet unknown trade conditions.

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