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

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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