|

UK PM May's Spokesman: PM has said on numerous occasions that we will not be extending Article 50

The UK PM Theresa May's spokesman, James Slack was out on the wires in the last hour, saying that Brexit negotiations are very much ongoing and expect intensive talks in the coming days.

Key quotes:

   •  PM will be taking the lead in the final days of these negotiations.
   •  No data set yet for a Brexit meaningful vote.
   •  Negotiators are adding detail to the outline political declaration before a final framework.
   •  Would expect to have some engagement with EU’s Juncker, but date yet to be set and depends on negotiations.
   •  The government believes does not need any extension to the implementation period.
   •  But clearly makes sense to have that option as an alternative to the backstop.
   •  The precise detail on an extension is something for negotiation.
   •  Important that implementation period ends in advance of next election.
   •  There is a linkage between withdrawal agreement and future relationship.
   •  If either side fails to honour the political declaration there could be a suspension of parts of withdrawal agreement, including payments.
   •  We have set out what our aim is for the future relationship and negotiating is the best way to do that.
   •  PM has said on numerous occasions that we will not be extending Article 50.

Author

Haresh Menghani

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

More from Haresh Menghani
Share:

Editor's Picks

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY  holds firm above 157.00 ahead of Ueda's presser

USD/JPY holds the uptick above 157.00 in the European session on Friday as the Japanese Yen remains under intense selling pressure despite the Bank of Japan's (BoJ) interest rate hike to 1.25% and a somewhat hawkish Monetary Policy Statement, as two dissents against the rate hike weigh. All eyes now remain on BoJ Governor Ueda's press conference for further trading impetus.

Gold: Acceptance above $4,400 is critical for buyers

Gold holds the previous recovery around $4,350 early Friday; buyers still cautious. US Dollar trades subdued amid retreating Oil prices and US Treasury bond yields. Gold settled Thursday above the 100-day SMA near $4,320, with a neutral daily RSI.

Bitcoin extends recovery, Ethereum eyes $2,500, XRP holds $1.30
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their recovery, trading above $76,700, $2,400 and $1.300, respectively, on Friday. These top three cryptocurrencies now face key technical levels that could determine whether their recoveries extend further or pull back.
Cardano extends gains on bullish derivatives
Cardano (ADA) extends its recovery, trading above $0.210 at the time of writing on Friday, after finding support around a key zone earlier this week. Improving derivatives positioning and supporting technical indicators indicate growing bullish sentiment among ADA traders. Derivatives data shows a bullish tilt among Cardano traders.
How Japan became the World's Banker and why that era may be ending

Japan's ultra-low interest rates helped finance trillions of dollars in global investments for more than a decade, making the Japanese Yen one of the world’s cheapest sources of funding. With the Bank of Japan expected to tighten policy again this week, that advantage may be entering a new phase. While most major economies raised interest rates, Japan remained the world's outlier.