News breaking on Reuters from EU officials after meeting 29 Jan
- EU offers "status quo" transition without institutional representation" until end 2020
- EU ministers took 2 minutes to adopt new instructions for Brexi negotiations on transition
EU dep Brexit negotiator Sabine Weyand with the news on Twitter initially. Seems like the EU not interested in giving UK the 2 years they've been looking for. Essentially the phrase they're using means continued EU membership after March 2019 Article 50 deadline but without any vote.
Transition to EU and "implementation" to UK but the same bun fight in the end.
Market unsure atm with EURGBP holding 0.8780 after earlier dip from 0.8810 on the euro tumble generally and underpinning GBPUSD as EURUSD holds near session lows. EURJPY fell through the support/demand around 134.80 that I had been highlighting earlier and that's triggered stops to provide more supply.
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