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The British Prime Minister Boris Johnson spoke on Thursday, warning of a strong possibilities of a no-deal outcome.

Key comments

“I do think that we need to be very, very clear there’s now a strong possibility, a strong possibility, that we will have a solution that’s much more like an Australian relationship with the EU, than a Canadian relationship with the EU.

“It doesn’t mean it’s a bad thing.”

“What I’ve said to our negotiators is that we’ve got to keep going, and we’ll go the extra mile … and I will go to Brussels, I will go to Paris or go to Berlin or wherever, to try to get this home and get to a deal.”

“But there’s always the possibility, the prospect, of coming out on Australian terms.”

Market implications

Cable has consolidated in New York after expending the downside in yesterday’s headlines that a deal still remained elusive. 

The pound dropped late on Wednesday, after a dinner between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen ended with both sides still “far apart”.