June 8, 2018 / 1:03 PM / 2 months ago

Sterling falls after EU's Barnier calls UK approach to trade talks paradoxical

LONDON (Reuters) - Sterling deepened losses on Friday after Michel Barnier, the European Union’s chief Brexit negotiator, called the UK’s approach to future trade “fairly paradoxical” and said that much work was needed before agreeing the terms of its exit from the bloc.

A pile of British sterling coins is displayed in London January 16, 2007. REUTERS/Toby Melville (BRITAIN)

The pound, which was trading down 0.2 percent, fell further to $1.3356, half a percent lower on the day after Barnier’s comments underlined that the two sides - Britain and the EU - remained apart on key issues in Brexit talks.

Against the euro, sterling gave up its gains and traded flat on the day at 87.89 pence.

The FTSE 100 share index hit its highest level of the day as sterling fell. It was last up 0.1 percent as the dollar-earning stocks on the index got a boost.

Reporting by Tommy Reggiori Wilkes and Helen Reid; Editing by Saikat Chatterjee

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