So says the WSJ now 19 March

Thanks to our good frends at Livesquawk.com for the heads up.

  • The European Union has agreed Monday on the broad terms of Britain's two-year transition deal after leaving the bloc in March 2019, according to an EU official familiar with the discussions

  • Under the terms, agreed between the EU's 27 national diplomats dealing with Brexit, the U.K. would continue implementing all EU rules under the jurisdiction of the bloc's top court until the end of 2020, while having no say in future EU decisions.

Full (gated) story here

That's a climb down for the UK but not a huge surprise as May had already conceded a lot of ground in her Mansion House speech in a bid to keep everyone around her happy at home. The Irish border issue remains a real bone of contention though.

GBPUSD has paused for thought and failed into 1.4050 where I highlighted sell interest earlier and I've re-sold some above 1.4040 but it's by no means a gimme.

EURGBP 0.8760 from 0.8754 with GBPJPY 148.95 from 149.05 highs. All delicately poised.

EU-UK transition deal done now in theory?