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The UK will try out every way to reach a trade deal with the European Union (EU), the British Prime Minister (PM) Boris Johnson told French President Emmanuel Macron on Saturday, Downing Street office cited a read-out of the call.

Key quotes

“(Johnson) confirmed the UK’s commitment to exploring every avenue to reach an agreement.”

“The Prime Minister emphasized that progress must be made in the coming days to bridge the significant gaps, notably in the areas of fisheries and the level playing field, through the process of intensive talks between Chief Negotiators.”

“He underlined that a deal was better for both sides, but also that the UK was prepared to end the transition period on Australia-style terms if an agreement could not be found.”

His comments come ahead of the deadline of the October 15 EU summit for agreement on a deal.

On Friday, the EU Chief Brexit Negotiator Michel Barnier returned to Brussels from London after concluding a morning meeting with his British counterpart David Frost, Reuters reports, citing an EU official.

GBP/USD posted a strong weekly close

GBP/USD rallied hard on Friday, reaching the highest level in four weeks at 1.3051, settling the day almost 1% higher. The rise was mainly driven by the broad risk-on mood-led US dollar weakness.