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“We will not bargain away our values for the benefit of the British economy,” EU’s Brexit negotiator Michel Barnier told a news conference on Friday.

Additional takeaways

“The UK will have to become more realistic if it wants to progress in talks.”

“The UK cannot pick and chose the most attractive elements of the single market without meeting obligations even EU members must meet.”

“Next negotiating round must bring new dynamism in order to avoid stalemate.”

“We are not going to let a third country set conditions for access to our single market.”

“Not optimistic on chances for a deal with the UK.”

“Agreement is possible but we are ready for no-deal and will be stepping up preparations.”

The UK will have to become more realistic if it wants to progress in talks.”

Market reaction

The GBP/USD pair fell to its lowest level since late March at 1.2151 with the initial reaction. However, a renewed selling pressure surrounding the USD helped the pair recover modestly. As of writing, GBP/USD was down 0.4% on the day at 1.2176.