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Financial Times (FT) came up with a bit of encouragement amid the presently grim markets during the early Thursday morning in Asia. The news suggests that the European Union (EU) is ready to relinquish its push for the ‘level playing field’, which in turn could help fasten the Brexit talks, up for the next week.

Key quotes

EU has said it is willing to hammer out a compromise with Britain on the sensitive issue of “level playing field” rules for business.

These aim to ensure close alignment between the two sides’ state-aid, environmental and employment regulations.

However, the EU would not allow anything to jeopardize the integrity of the single market.

FX implications

Following the news, GBP/USD ticked up from 1.2420 to 1.2425. The limited reaction to the pair-positive update could be traced to the lack of activity during the initial Asian trading hours.