UK PM Johnson to Germany's Merkel: Only way to make progress is to abolish the backstop

British Prime Minister Boris Johnson's spokesman recently summarised the PM's meeting with German Chancellor Angela Merkel that took place earlier today. 

"He reiterated the message he delivered in the House of Commons yesterday: Parliament has rejected the Withdrawal Agreement three times and so the UK must fully prepare for the alternative – which is to leave without a deal on October 31," the spokesman said, per Reuters.

"He said the only solution that would allow us to make progress on a deal is to abolish the backstop. The PM and Chancellor agreed to stay in contact."

The broad USD strength and concerns over a no-deal Brexit continue to push the GBP/USD pair lower, which was last seen trading at its lowest level since March 2017 at 1.2389.