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According to draft conclusions making the rounds, the European Council commits to agreeing to an extension until 22 May 2019. Given that the UK does not intend to hold elections to the EP, no extension is possible beyond that date.

The conclusions will also ‘approve the instrument relating to the WA and the joint statement supplementing the PD agreed between the European Commission and the UK in Strasbourg on 11 March 2019.’

GBP/USD little affected by the headline, already near 1.3000 and over 150 pips down for the day ahead of it.