Germany's Merkel: We will think about practical solutions to backstop

Eren Sengezer FXStreet

German Chancellor Angela Merkel crossed the wires in the last minutes saying that the EU will remain united in its approach to Brexit and added that they will think about practical solutions to the Irish backstop problem, per Reuters.

"Britain needs to decide which way it goes, we have made our offer to work closely," Merkel noted. Further commenting on the backstop issue, Merkel said that it is a question of the political declaration on future ties, not of the Withdrawal Agreement.

The British pound rose sharply on these comments and was last seen trading at 1.2128 against the dollar, posting small gains on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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