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The EU’s mandate in key areas is not likely to produce an agreement, the UK’s chief Brexit negotiator David Frost told reporters on Wednesday.

Key quotes

“We do not yet have a date for the high-level review of the negotiations.”

“The EU needs to evolve its position to reach an agreement.”

“Policy enshrined in the EU’s mandate isn’t one that can be agreed by us.”

“Would be good if the EU made a decision sooner on data adequacy and financial services.”

Market reaction

The GBP/USD fell sharply on these comments and was last seen down 0.45% on the day at 1.2277.