UK-Australia free trade deal will be announced on Tuesday morning – Sky News

Early Tuesday morning in Asia, Sky News came out with the headlines suggesting the key announcement of the UK-Australia post-Brexit trade deal on early Tuesday, per London time.

“Boris Johnson and Australian Prime Minister Scott Morrison agreed the broad terms of the agreement over dinner in No 10 on Monday evening,” the news quotes an anonymous source. “The deal is intended to increase the volume of trade between the two countries above the current £20 billion,” added Sky News.

FX implications

Market players pay little heed to the news as the UK farmers don’t like such a move that poses threats to their income. Also, a trade deal with the EU is more important than Australia and is looming. Furthermore, pre-Fed caution is the key catalyst that restricts investor sentiment of late.

That said, GBP/USD remains pressured around 1.4100 by the press time.

Read: GBP/USD Price Analysis: Bears testing bullish commitments at key support