Were Merkel's comments misinterpreted?

Be aware....

According to Bloomberg, Merkel said at a news conference in The Hague

• if EU and UK want to find a solution to Brexit they have until October 30
• Her reference to a 30 day limit on Thursday wasn't meant as a deadline but symbolically

They add, she said:

"One should say it can be done by October 31. It is not about 30 days that was supposed to be allegorical to mean it can be done in a short time, because the UK have said they want to leave the EU by October 31"

It was initially reported, she said:

• Can also find a backstop solution by October 31

Which sounds like a backstop solution is doable. It may just be just a reference to the drop dead date for the UK.

Having said that, she did add:

• We can work on finding a regime that keeps Good Friday agreement and also ensures integrity of the EU single market

The GBPUSD is keeping the gains, however. The Markit data was weak which is helping to weaken the dollar a bit, but be aware if the comments are later perceived to be misinterpreted.