EU considers major reset of relations with the UK – RTE

Senior European Union (EU) policymakers are considering a major revamp of its relationship with the UK, which would enable both sides to work towards a package of solutions around the outstanding issues of the Northern Ireland Protocol among other areas of tensions, RTE News reported on Friday.

Additional details

“Senior figures have confirmed to RTÉ News that a formal, set-piece event marking the ratification of the Trade and Cooperation Agreement (TCA), which was concluded by both sides on on Christmas Eve, could inaugurate a more harmonious relationship.”

“It is understood very tentative discussions have been underway at a senior level between officials in Brussels and London.”

“The fear among senior EU officials is that unless there is a clear reset then the relationship could become one of perpetual tension.”

“The European Parliament is expected to formally ratify the TCA on 24 March, meaning national capitals would give their final and formal consent to the treaty early to mid-April.”

GBP/USD extends drop towards 1.39

GBP/USD fails to cheer the upbeat headlines, as it remains under heavy selling pressure, approaching the 1.3900 level.

The spot drops 0.50% to trade near-day lows of 1.3923, at the press time.