UK's Frost: EU has a lot on its plate right now

The European Union has a lot on its plate right now and it's important they keep enough focus on Brexit negotiations and do not relegate them,  the UK's chief Brexit negotiator David Frost said on Wednesday.

Additional takeaways

"Member states decided in their wisdom that the common fisheries policy should apply after we have left."

"Barnier has indicated this may not be an entirely realistic position."

"Barnier is being serious and professional about his task."

"EU is still coming to terms with the fact that there is a large country in Europe that doesn't want to be a part of the EU."

"If we are going to get an agreement that will have to be understood by the EU."

Market reaction

The GBP/USD pair surged higher earlier in the day but quickly erased its gains in the last hour on resurfacing Brexit concerns. As of writing, the pair was down 0.45% on the day at 1.2277.