May Criticized For Attempts to Tie Trade to Security

U.K. Prime Minister Theresa May got a first taste of the high-wire act involved in European Union negotiations after her opening offer for a Brexit deal ran into immediate opposition from EU leaders who challenged her attempt to tie a free-trade deal to security cooperation.

In an early sign that two years of divorce negotiations will be as contentious and complicated as feared, Guy Verhofstadt — the European Parliament’s point person on Brexit matters and someone who will have a say on the final outcome — complained that “security is far too important to start to bargain it against an economic agreement.”

The slap came hours after May formally served notice that the U.K. will leave the EU in March 2019 and immediately pitched for an unprecedented trade deal that would enable banks to maintain easy access to the regional economy. Her government will begin the parliamentary process of taking back control over thousands of EU laws on Thursday.

Bloomberg

USD/JPY – Yen Shrugs off Weak Retail Sales

West Texas Crude Moves Higher as Crude Inventories Misses Estimate

Screen Grab

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 Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam