Reuters reports, citing EU diplomatic sources
- Says that needs agreement on legal text by end of today in order to get a deal by this week's summit
- If there is no agreement by today, Barnier would recommend to EU27 members that more negotiations are needed
The pound hits a bit of a whipsaw on the headline as cable falls to a low of 1.2608 before bouncing back up to 1.2640 levels. It's a bit of a "rush to the head" kind of headline but doesn't represent a significant threat to Brexit hopes just yet in my view.
As mentioned earlier, talks will continue again today so let's see if they can find some common ground before the end of the night. That said, this is a bit of a cautionary remark and may just cap gains for the day from hereon.
