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“EU Ambassadors have unanimously approved the provisional application of the EU-UK Trade and Cooperation Agreement as of January 1, 2021,” Sebastian Fischer, the spokesman for the German EU Presidency, tweeted out on Monday.

Market reaction

There was no immediate market reaction to this development as investors didn’t expect EU governments to reject a provisional application of the Brexit deal.

As of writing, the GBP/USD pair was down 0.52% on a daily basis at 1.3478 and the EUR/GBP pair was up 0.67% at 0.9056.