Breaking News: GBP/USD leaps on reports the UK, Germany, drop critical Brexit demands

FXStreet Team FXStreet

Bloomberg is reporting that both the UK and Germany decided to abandon some crucial demands over Brexit in order to facilitate an agreement. They seek to less detail on post-Brexit ties according to people familiar with the details. The significant shift in positions could make an agreement easier to achieve.

Both sides have agreed on a more vague statement regarding the distant future. Instead, the talks will focus on the immediate term: an orderly transition deal. Agreeing on a future trade relationship will be pushed back to the more distant future.

The GBP/USD is trading significantly above 1.2900, up some 100 pips from the pre-news levels. The 1.3000 level looms above. .Further resistance awaits at 1.3045. Support awaits at 1.2940, followed by 1.2835.

Chief EU Negotiator Michel Barnier visited Berlin last week and said that the EU is ready to offer the UK a "deal like no other country". However, in further comments, the veteran French politician rejected Britain's Chequers proposal and he sent the Pound back down.

There has been no official statement at the time of writing.

Author

FXStreet Team

FXStreet

EUR/USD stays in tight channel near 1.1800

EUR/USD moves sideways in a narrow band at around 1.1800 in the second half of the day on Friday as investors refrain from taking large positions. February inflation data from Germany and January Producer Price Index figures from the US could drive the pair's action heading into the weekend.

GBP/USD struggles below 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band below 1.3500 on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the BoE easing expectations, acting as a headwind for the GBP.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.