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Following the comments from the Irish Foreign Minister Coveney, the country’s Finance Minister Paschal Donohoe was quick to take on the wires, with some comments on the likely no-deal Brexit outcome.

Key Quotes:

We will meet the challenge of a no-deal Brexit from a position of strength.

2020 budget surplus will swing to a deficit of 0.6% of national income in no-deal Brexit.

Announcing package of over EUR 1.2 biliion, excluding EU funding, to respond to Brexit.

If a no-deal Brexit is avoided, Ireland will not borrow money earmarked for Brexit assistance.

If Brexit turns out to be worse than expected, prepared to deploy rainy day fund.

Brexit package includes support for agri-food, beef farmers, tourism, employment schemes.

The Cable holds the lower ground near daily lows of 1.2209, as the selling interest around the pound remains unabated amid growing no-deal Brexit risks.