Breaking: EU's von der Leyen says trade deal with UK is fair, balanced and right

European Commission President Ursula von der Leyen announced on Thursday that they have reached a trade deal with the United Kingdom.

Additional takeaways

"It was a long and winding road but we got a good deal."

"The deal is fair, balanced and right."

"Talks were very difficult."

"The deal is also in the interest of the UK."

"We will ensure Brexit is left behind."

"Single market will be fair and remain so."

"EU rules and standard will be respected."

"Will continue cooperating with the UK in all areas. Together we still achieve more than apart."

"The EU is well prepared for Brexit."

"The UK remains a trusted partner."

Commenting on the agreement, "the deal is fantastic news for families and businesses in every part of the UK," a Downing Source told Reuters. "We have signed the first free trade agreement based on zero tariffs and zero quotas that has ever been achieved with the EU."

Meanwhile, "we will have a strong trading relationship with the EU and deepen our trade with partners across the world through our independent trade policy," UK Trade Secretary Liz Truss tweeted out.

Market reaction

The British pound started to erase the gains it posted against its rivals earlier in the day. Investors may be looking to sell the fact following a two-day rally witnessed in the GBP/USD pair, which was last seen gaining 0.45% on the day at 1.3552.