UK Brexit Sec. Barclay: EU needs to be 'flexible' to avoid no-deal, end 'absolutist approach' to backstop

British Brexit Secretary Stephen Barclay recently crossed the wires, via welt and other European media, demanding flexibility from Europeans to find an agreement. 

Key quotes:

“EU needs to be 'flexible' to avoid no-deal and end its 'absolutist approach' to the controversial backstop.”

“Either there would be Europeans' interest in creative and flexible solutions - then we are ready. Or else it remains the same with the absolutist approach that is based on guarantees.”

The UK Government “is doing absolutely everything to bring about a Brexit agreement but it must be an agreement that reflects the reality in Parliament. And there the deal failed three times because of the backstop. "

FX implications

While the British Pound (GBP) fails to portray immediate reaction to the news, it adds weakness to the Cable amid political uncertainty at home.