European Commission: We have progressed on process in Brexit talks

As markets are waiting eagerly for the UK parliamentary proceedings to begin later in the day, the European Commission spokeswoman said that their working assumption was that Brexit would happen on October 31 and reiterated a no-deal Brexit was not the scenario they wanted.

"Whenever there is progress in technical talks to be announced, the Commission will announce it," the spokeswoman announced. "We have progressed io the process in Brexit talks," she added but noted that she wouldn't say if the progress was on substance.

The British pound failed to take advantage of these remarks and the GBP/USD pair was last seen trading at 1.1987, losing 0.65% on a daily basis.