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On his arrival at the G7 Summit earlier today,  the European Council President Donald Tusk said that he is open to cooperation on Brexit.

However, he added: “One thing I will not cooperate on is No Deal. And I still like to think Boris Johnson will not want to go down in history as Mr. No Deal.”

Tusk spoke ahead of his much-awaited meeting with the UK Prime Minister (PM) Boris Johnson to discuss the Brexit plan on Sunday.

The Cable enjoyed a relief rally and tested the 1.23 handle on Friday after the US dollar was thrown under the bus broadly by the US President Trump’s Twitter barrage following China’s unexpected retaliatory tariffs on the US imports.

Trump’s rant led to the US yield curve inversion, as it fueled concerns that the trade war will trip the US economy into a recession.

On Monday Asia open, the outcome of the PM Johnson and Tusk’s meeting will influence the GBP trades. However, the reaction to Trump’s retaliation to the Chinese tariffs will emerge the main market driver.

  • Breaking: Trump retaliates to Chinese tariffs by announcing fresh tariffs on Chinese products