27 national ambassadors from the European Union will work diligently today to come to a resolution regarding Brexit plans in advance of the meeting between the EU bloc and the UK that is scheduled for this coming Sunday.
The scheduled date for the final Brexit is only four months away, on March 29, 2019, but there are still many details that require agreement and finalizing before the historic day. Talks between UK Prime Minister Theresa May and her EU counterparts on Wednesday failed to make significant headway on the issues, which EU leaders are hoping will be resolved in a pre-summit meeting on Saturday. German Chancellor Angela Merkel has already announced that she will not be coming to Brussels on Sunday for negotiations, which means that all sticking points must be resolved in advance of the summit. Among the current hot topics are cross-border trade issues, access for some EU countries to Britain’s fishing waters and the free movement of people and services between Britain and the EU.
The euro was higher against the U.S. dollar on Thursday morning in London, trading at $1.1417 as of 11:05 a.m. GMT, a 0.30 percent gain. The pound was also up against the dollar, trading 00l96 percent higher to $1.2898. The greenback’s easing was due largely to improved risk appetite in the eurozone and a rebound in global equities. On Wednesday, Italian Prime Minister Giuseppe Conte voiced his concern about the government bond spread and reaffirmed his plan for reforms. The move, which came shortly after the EU’s rejection of Italy’s fiscal plans, helped restore confidence in the region. The euro has risen in six of the past seven trading days, but if anything were to dissolve this trend, Italy’s continuing economic woes would be a likely culprit.