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The pound fell against major currencies today, Monday, hitting a four-and-a-half-month low against the euro, while investors are cautious with the start of talks between Britain and the European Union on their relationship after “Brexit”.
According to “Reuters”, about 100 British officials have arrived in Brussels to participate in the first round of talks with the European Commission, which is expected to continue until Thursday.
The talks will focus on annual trade worth half a trillion euros and maintaining close security ties between the two sides.
The European Union wants to give Britain advantages in accessing its common market of 450 million people, in exchange for guarantees that London will prevent dumping.
But British Prime Minister Boris Johnson said that his country would not be bound by the rules of the European Union or the jurisdiction of the highest court in the union, which is considered by the bloc necessary to ensure fair competition.
At its lowest level in the session, sterling fell 0.4 percent against the US currency to $ 1.2770, but recovered from its losses later to record $ 1.2822.
Against the European currency, the pound fell 1.4 percent to 87.36 euros, its lowest level since October 15.
The British currency recorded losses of 3% against the euro since the beginning of the year.