Currency

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 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.

Its 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.

Pound jumps against major currencies as Brexit deal may be possible after all - pathway

£ S Ocboner 10 2019

Doom and gloom about Brexit yesterday but looks like a glimmer of hope this evening

Leo Varadkar says withdrawal agreement is "possible" by end of October. "It it is possible to come to an agreement to have a treaty agreed to allow the UK to leave the EU in an orderly fashion and to have that done by the end of October. " Pathway to possible deal according to Boris and Varadkar but is it bullshit?

So all depends on EU commission, other EU member states and Barnier. It would be such a relief if after 3 years, Brexit in an orderly fashion could just happen. At least now cautious optimism that the Irish backstop issue can be solved. By October 17, EU meeting, going to be tricky but a crash out without a deal looks a little less likely tonight.

Good for banks, housing, economically sensitive sectors. Some good trading ops in these and all currencies £ vs $, CHF, euro, yen etc