Sterling soars as UK and EU agreed declaration on future relationship on negotiator level

Sterling surges broadly on news that UK and EU have agreed on the draft political declaration on future relationship. It’s also confirmed by European Council President Donald Tusk’s tweet. The draft is now “subject to the endorsement of the Leaders” of EU. UK Prime Minister Theresa May will make a statement at 1430GMT.

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Reuters reported that the text of the agreement include:

• EU and UK “agree to develop an ambitious, wide-ranging and balanced economic partnership.”
• “This partnership will be comprehensive, encompassing a free trade area as well as wider sectoral cooperation … will be underpinned by provisions ensuring a level playing field.”
• The relationship would respect “the integrity of the Union’s Single Market and the Customs Union as well as the United Kingdom’s internal market, and recognize the development of an independent trade policy by the United Kingdom beyond this economic partnership.”