Yesterday’s draft agreement over Brexit took the show, which led the British Pound to shoot up against all of its major counterparts. Today, Canada is set to deliver its inflation figures, which means we will be watching the Canadian dollar very closely today.
BREXIT BREAKTHROUGH
The big news came out of Brussels yesterday, as the UK and the EU managed to get closer towards reaching a Brexit deal. Of course, the important thing to add here is that, for now, this is still in a draft form, which could still be amended. Nevertheless, it was difficult not to notice the smile and the good mood of the British Prime minister Theresa May, who appeared in front of the press stating that progress has been made. Certainly, the pound-traders took the announcement in a very positive way, by pushing GBP higher against all of its major counterparts.
Some key bullet points to take from the draft agreement:
- EU and UK to see a free-trade area and deep regulatory cooperation
- EU and UK state determination to replace backstop
- EU to recognise UK’s independent trade policy
- The transition period can be extended for up to one or two years
Some could say that finally, the negotiations got on the right track. But the draft has to be...
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