The pound is choppy against the euro and stronger against the dollar ahead of Boris Johnson’s meeting with President Macron. The Prime Minister got a fairly warm reception in Berlin yesterday, however, the same is not expected for his meeting in Paris, which could mean that the pound will weaken later today.
Yesterday, Chancellor Angela Merkel suggested that a solution to the backstop may be achievable within the next 30 days, stressing that the onus was on the UK to find a workable plan. Johnson said he was “more than happy” with this timetable. However, Macron responded to this possibility by saying that any prospect of renegotiation “does not exist.”
An official in Macron’s office said that France now sees a no-deal Brexit as the most likely scenario. It will be interesting to see if talks between Johnson and Macron will produce any developments at all.
