Ahead of her first bilateral meeting with US President Joe Biden in New York on Wednesday, UK Prime Minister (PM) Liz Truss dismissed speculation that Britain may strike a trade deal with the US.

Key quotes

“There aren’t currently any negotiations taking place with the US and I don’t have any expectation that those are going to start in the short to medium term.”

“Priorities would be joining the trans-Pacific trading partnership of 11 countries, including Australia, Canada and Singapore, as well as striking deals with the Gulf States and India.”

“Number one” focus in talks with Biden at the UN on Wednesday would be global security, especially working with the US and European partners to deal with Russian aggression in Ukraine.

Market reaction

The pound remains vulnerable in early Europe, with GBP/USD looking to attack 1.1400, losing 0.07% on the day.