Luxembourg PM Bettel: We won't do another extension just for the sake of another extension

Following his meeting with his British counterpart Boris Johnson, Luxembourg's Prime Minister Xavier Bettel reiterated that the European Union won't give the UK another Brexit extension "just for the sake of another extension."

"The preservation of the market and the Irish peace are crucial in the Brexit deal," Bettel said. "The Brexit deal is the only solution on the table that meets all the criteria.

Bettel further added that the EU needed to see legally operable alternatives to the backstop before the October 31 deadline and noted that there were no concrete proposals from the UK at the moment.

As of writing, the GBP/USD pair was trading at 1.2420, losing 0.65% on a daily basis.