UK PM Johnson spokesman: No formal negotiation with EU until backstop dropped

British Prime Minister Boris Johnson's spokesman crossed the wires in the last minutes saying that they have been very clear that there cannot be a formal negotiation with the European Union until the backstop is dropped. The spokesman further announced that more information on Brexit preparations will be published in the coming weeks.

Below are some additional key takeaways, as reported by Reuters.

"Still more work to do to prepare for Brexit, efforts have been significantly stepped up."

"Freedom of movement rules will immediately change when Britain leaves EU."

"Further details on freedom of movement changes reported being worked on, will be set out shortly."

"Settlement scheme for EU residents in Britain remains as previously set out."

"Freedom of movement changes will include tougher criminality checks."

"PM will use meetings with Merkel and Macron this week to deliver his message on Brexit."

"Merkel and Macron meetings also likely to discuss foreign policy and security issues."

"Brexit will clearly be a key topic at Merkel and Macron meetings."

Again, the GBP/USD pair ignored these comments and continues to trade in the negative territory a little above the 1.2120 handle.