Spanish, Dutch have no new agreement on Brexit, Dutch official says

Spanish, Dutch have no new agreement on Brexit, Dutch official says

Spanish economy minister Luis de Guindos and his Dutch equivalent Wopke Hoekstra met throughout the week to discuss their Brexit positions as both nations became concerned about the potential impact from higher tariffs and the implications of any agreement for the European Union budget, Bloomberg reported.

Spanish economy minister Luis de Guindos and his Dutch counterpart Wopke Hoekstra met earlier this week and discussed their common interests in Brexit, according to the person.

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"Both have close trade and investment ties and are concerned about the impact of tariffs".

The Pound reached nearly $1.37 against the US Dollar (GBP/USD) on the news.

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The Australian Dollar Pound Sterling (AUD/GBP) exchange rate could become increasingly volatile next week as markets respond to Australia's TD securities inflation reading (Monday) and the UK's consumer price index figures (Tuesday). "I doubt it's as straightforward as that".

Analysts said the rise in pound had been driven by the weakness in the dollar.

"Although the comments came from just two ministers who don't necessarily speak for the Barnier team as such, there is a sense that the direction of travel for the United Kingdom with regards Brexit is a lot more positive than it was prior to December", he added.

The pound was 0.2% higher against the euro at €1.12810 after the single currency hit a three-year high against the dollar following hopes that chancellor Angela Merkel would be able to form.

This marked the highest monthly rate in some 11 months, with a surge in the cost of shelter, medical care, automobiles and motor insurance driving prices higher - but it also proved pertinent in that it effectively raises the 2018 rate hike prospects of the US Federal Reserve.

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