German Chancellor Merkel: Brexit talks are now in the ‘final meters’
|European leaders are crossing the wires with respect to Brexit progress and German Chancellor Merkel has said that Brexit talks are now in the ‘final meters’. In earlier trade, the French President, Emmanuel Macron, had also been speaking and said that he “wants to believe” an agreement on Brexit is being “finalised” among negotiators in Brussels.
Speaking in Toulouse, the French President said, “I want to believe that a deal is being finalised and that we can approve it tomorrow (Thursday),” when EU leaders are meeting with Prime Minister Boris Johnson.
FX implications:
Brexit is gaining positive traction, as is the Pound, elevated in the mid 1.28 handle, as a deal is about to be presented to UK Parliament. However, the DUP is a thorn in the side of the effort at this juncture, and as the Guardian writes, "Beyond the DUP’s issues with the deal, it is understood the talks between British and EU negotiators have run into trouble on the issue of level playing field guarantees."
The guarantees are promises to maintain EU standards in environment, tax and state aid to prevent Britain from undercutting the EU for a competitive advantage.
The guarantees are part of the political declaration agreed by Theresa May, which sets out the broad terms for future free trade agreement talks, but Johnson’s chief adviser has sought to have the reference removed from the text.
A diplomat said EU leaders would not agree to the revised withdrawal agreement separately to the political declaration
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.