Merkel Warns Financial Settlement Must Come Before Phase 2 of Brexit Talks

German Chancellor Angela Merkel said on Friday that the European Union could only agree to enter the next phase of Brexit negotiations in December if Britain provided specific assurances about its readiness to settle financial obligations to the bloc.Speaking to reporters at the end of a two-day EU summit in Brussels, Merkel said it was “very clear” what British Prime Minister Theresa May had to do to break a deadlock in the talks that has prevented a discussion about Britain’s post-Brexit relationship with the bloc, known as “phase two”.“We hope that by December we have moved along enough to allow phase two to begin but that depends on the extent to which Great Britain makes progress so that we can say that it is sufficient on the core themes of phase one,” Merkel told a news conference at the end of an EU summit.

Source: Merkel says Britain must move on Brexit bill to break deadlock – Reuters

USD/CAD – Canadian Dollar Plummets on Poor Retail Sales

US Futures Higher as Tax Reform Hurdle is Passed

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.