Cable spikes higher on report
Germany, UK said to seek less detail on post-Brexit ties
Shift in German, UK position could ease path to a Brexit deal.
There are signs of progress on the Irish border backstop
Bloomberg reports that both the British and German governments have abandoned key Brexit demands, citing people familiar.
They say Germany is ready to accept a less-detailed agreement on future ties in a bid to get a deal done. The UK is also willing to accept a more vague statement of intent on the future relationship.
The report says the opposition to the Chequers plan isn't necessarily an obstacle to getting a deal.
The deal has essentially been cut into two parts. Now, both sides are focusing on a transition deal and a technical Brexit that would be orderly. Afterwards, both sides will then focus on negotiating a future trading relationship. Previously, they were trying to get at least an outline of that future relationships before the March 29, 2019 Brexit deadline.
The pound surged across the board on the report, rising to a high of 1.2961 from 1.2829 beforehand. It's since settled back to 1.2940.
