EU set to publish a legal draft of its Brexit withdrawal 28 Feb
After a bit of digging around it seems the draft, all 120 pages of it, will be published at the same time EU Brexit head Barnier steps up to speak, anytime from 10.00 GMT, so be aware.
( Update: Reader MaxL hearing 10.30 GMT)
It's going to take a while to dissect so immediate market reaction won't necessarily be the correct one. Algos don't always dig down to the detail.
In essence Ireland remains the most controversial issue and the draft document is expected to say Northern Ireland would have to follow EU single market rules to avoid a "hard border", if alternatives are not found. UK govt has previously dismissed any prospect of a return to a hard border.
The govt's coalition ally in Northern Ireland, the DUP, has threatened to withdraw support over the issue saying details of the draft treaty "fundamentally breached" an agreement reached in Brussels late last year.
The legal text published today will suggest keeping NI under the EU's customs union and closely bound to single market rules if May is unable to come up with a way of avoiding a hard border.
It will make clear that this course of action is the default option - or the "backstop" as its known in Brussels.
We'll bring you the report and analysis but GBP traders should expect some knee-jerk action
Trouble ahead for May's fragile agreement with the DUP ?
