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In a statement summarising the round-three of Brexit negotiations with the EU, UK’s Brexit negotiator Frost noted that he regrets that they made very little progress toward an agreement.

Additional takeaways

“There is clearly a good understanding between negotiators.”

“Major obstacle to this is the EU’s insistence on including a set of novel and unbalanced proposals on the so-called level playing field.”

“We very much need a change in the EU’s approach for the next round beginning on 1 June.”

“We intend to make public all the UK draft legal texts during next week so that the EU’s member states and interested observers can see our approach.”

“As soon as the EU recognises that we will not conclude an agreement on that level playing field basis, we will be able to make progress.”

Market reaction

The GBP/USD pair fell sharply on these comments and was last seen losing 0.44% on the day at 1.2172.