The pound has dived after the EU's chief negotiator said Brexit talks have reached 'deadlock'

LONDON — The pound has dived late on Thursday morning after the EU’s chief Brexit negotiator Michel Barnier said that talks between Britain and the bloc have reached “deadlock.”

Appearing at a press conference in Brussels, Barnier said that the lack of progress in talks was “very disturbing.”

“We’ve reached a state of deadlock which is very disturbing. We are not asking the UK to make concessions,” he said.

Those words caused a sharp drop in the pound against all major currencies, with sterling losing roughly 0.3% from its starting point on the day, and falling to just $US1.3185, as the chart below shows:

More follows …

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.