Sterling dropped 0.3 percent on the day against the dollar Thursday morning after Brexit negotiators declared talks between the U.K. and the European Union had reached a deadlock.

The euro was trading at £0.9010, up by 0.5 percent, at about 12 p.m. London time (7 a.m. ET) — the U.K. currency hasn’t been at 90 pence per euro since September 14.

The pound tumbled following news that British and European negotiations have reached an impasse in talks.

At the end of their fifth round of negotiations, Michel Barnier, the EU’s chief negotiator said: “We’ve reached a state of deadlock, which is very disturbing.”

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Source: cnbc
Sterling dips as Brexit talks hit 'deadlock'