EU Diplomat: EU expected to step up no-deal preparations

The expected result from European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson's dinner is an agreement on additional talks, an EU diplomat told Reuters on Wednesday. The diplomat further needed that result would signal that a deal is still possible.

"If the new UK deal comes by the end of the weekend, the EU can still proceed with a speedy ratification," the diplomat noted and said that the EU is expected to step up no-deal preparations in the meantime.

Market reaction

The GBP/USD pair came under modest bearish pressure during the American trading hours and was last seen gaining 0.4% on the day at 1.3407.