Germany's Merkel: We are preparing on every level for a no-deal Brexit


Speaking a parliamentary address on Friday, Germany’s Chancellor Angela Merkel said, “we are preparing on every level for a no-deal Brexit.”

“Europe's economy is being badly shaken by the coronavirus”, she said.

On Monday, Merkel said that the European Union (EU) needs to be prepared for the possibility that they may not be able to reach an agreement with the UK.

Market reaction

The pound has come under fresh selling pressure on Merkel’s reiteration about the diminishing odds for a Brexit deal.

GBP/USD drops 0.13% to 1.2453, having hit a daily low of 1.2438 in the last minutes.

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