|

UK’s Johnson: Article 50 letter will be invoked probably in early part of 2017

Speaking to the BBC and Sky News earlier on the day, UK foreign minister Boris Johnson noted that he expects the Brexit process to begin in early 2017.

Key Quotes via BBC:

 "The government is working towards an Article 50 letter which as you know will be produced, probably, in the early part of next year.

"That's still subject for discussion but what is clear I think to our friends and partners in the EU is two broad principles: we are not leaving Europe;

"Although we are leaving the EU treaties, we do want to have the closest possible trading relationship and it's very much in their interests to achieve that... it's very much in their interest."

Key Quotes via Sky:

"We are talking to our European friends and partners in the expectation that by the early part of next year you will see an Article 50 letter. We will invoke that.

"In that letter I am sure we will be setting out some parameters for how we propose to take this forward. I don't think we will actually necessarily need to spend a full two years but let's see how we go."

Asked about Mr Johnson's comments, a spokeswoman for the prime minister said the government position on when it would trigger Article 50 was "not before the end of this year".

"The decision is hers [Mrs May's] and she will do that at a time which is most likely to get the best deal for Britain." 

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
Share:

Editor's Picks

EUR/USD stabilizes near 1.1800 as markets focus on geopolitics

EUR/USD stays defensive around 1.1800 in the second half of the day on Thursday. The US Dollar stabilizes, following the recent decline led by tariff uncertainty, capping the pair's upside. All eyes now remain on the US-Iran nuclear talks after ECB President Lagarde's testimony failed to impress Euro bulls. 

GBP/USD drops toward 1.3500 as USD finds fresh demand

GBP/USD falls back toward 1.3500 in the European session on Thursday, snapping its recovery momentum. The pair loses traction as the US Dollar finds fresh demand, as markets turn cautious ahead of the US-Iran nuclear talks. The US trade policy uncertainty also remains a drag on risk sentiment. 

Gold clings to gains amid sustained safe-haven flows ahead of US-Iran talks

Gold sticks to its modest intraday gains through the first half of the European session on Thursday, with bulls still awaiting a sustained move and acceptance above the $5,200 mark before placing fresh bets. 

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

The one thing everyone is on the lookout for is US action of some sort against Iran

The FX market is minestrone soup these days. It is befuddled by conflicting data, rumors and small stories exaggerated out of proportion, and Trump-generated uncertainty. 

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.