European Commission president Donald Tusk speaking in Brussels

  • EU has conditions for transition
  • UK will not participate in EU decisions with regards to transition
  • Need more clarity on how UK sees future relations after it leaves the single market and customs union
  • EU will need additional guidelines on UK deal next year
  • So much time has passed, we have de facto less than a year to negotiate

Meanwhile, British finance minister Philip Hammond says the deal in Brussels is a boost to Britain's economy, and that they must now conclude a trade deal that supports jobs, businesses and prosperity.

EUR is not doing too well on the day, as it's only second behind the JPY in terms of the worst performing currencies in the major bloc. While the GBP is holding its own rather well following the partial selloff from the Juncker-May press conference.

EUR/GBP is touching 6-month lows on the day: