British Pound $GBP soars as Brexit deal looms October 15 2019

GBP EUR oct 11-15

It seems that Boris Johnson might pull off an acceptable deal with the EU as Michelle Barnier sets a midnight deadline for the finalisation of the “tunnel” discussions when the final agreed legal text is agreed. It seems that there may be a special meeting of the EU 27 on October 27 to agree on the deal. That means that Super Saturday in Parliament may be called off and MPs would vote on the deal next week.

The pound is up over 1% against the euro, US dollar and Swiss Franc.

It’s going to be quite a day tomorrow if the deal is agreed. MPs will just need to vote it through with a choice of a delay, repeal article 50 or the Boris/EU deal. The wording of the legal text will be interesting as the ERG, DUP etc. will need to be happy. I’m sure they have been kept briefed as Boris has been seeing MP’s in groups today.

Currency traders seem to be optimistic anyway and don’t forget with the money involved the top traders will have worked out the odds of a deal/no deal. The odds of crashing out on October 31st seem very low.