UK Cabinet Office Minister: EU Demanding Too Much

Ibeth Rivero

UK blames EU for stalled Brexit talks; Swiss GDP rises higher than expected.

BrexitBritish Minister of the Cabinet Office Michael Gove announced that Brexit trade talks are currently stuck because the European Union is asking for too much.

“The EU still wants to take the lion’s share of the fishing in our waters - which is just not fair given that we are leaving the EU,” he told a media outlet. “The EU still want us to be tied to their way of doing things."

The UK is set to leave the European Union by January 1st, 2021. If a deal is not reached by then, the UK would have to leave without a trade deal, which is needed to safeguard the trade relationship between the UK and the bloc.

By 9:34 GMT, the pound sterling gained 0.41 percent against the US dollar, hitting the 1.3376 level.

Switzerland's GDP Rises Higher than Expected

Switzerland's Federal Statistical Office recently reported that the gross domestic product went up by 7.2 percent in the third quarter (quarter-to-quarter) after contracting by 7 percent in the previous quarter. The figure was much higher than the expected 5.9 percent. In yearly terms, the gross domestic product contracted by 1.6 percent in the third quarter after dropping by 7.8 percent in the previous quarter, and exceeded expectations of 10.8 percent.

This improvement is mostly linked to a rise in domestic demand, as well as advancements in the service sector.

“In the third quarter, Switzerland’s GDP grew vigorously, making up around three-quarters of the ground lost in the first half of the year,” announced the State Secretariat for Economic Affairs.

So far, 327,072 COVID-19 cases have been reported in Switzerland, as well as a death toll of 4,815. The surge in cases pushed the government to increase restrictions.

By 9:18 GMT, the Swiss franc gained 0.33 percent against the US dollar, hitting the 1.1033 level.

Ibeth Rivero

Ibeth contributes daily market commentary in both English and Spanish (both of which she speaks fluently) and she also manages the DailyForex mobile app to ensure that traders around the world are getting important market updates in real time.

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