ECB’s Makhlouf: Would be wise to plan on basis that there won't be a EU/UK trade deal

"It would be wise to plan on the basis that there will not be a trade deal between the European Union and the United Kingdom," European Central Bank policymaker and Irish Central Bank Governor Gabriel Makhlouf said on Monday.

"We think the financial system as a whole is ready for Brexit," Makhlouf added, as reported by Reuters.

Market reaction

The British pound preserves its strength against its rivals on Monday. As of writing, the GBP/USD pair was u 0.68% on the day at 1.2880 and the EUR/GBP pair was down 0.4% at 0.9221.