New Brexit deal agreed

Hi everyone,

So we have a new Brexit deal that has been agreed favourably by both the EU and UK. "We've got a great new deal that takes back control. Now Parliament should get Brexit done" says Boris Johnson. "Where there is a will, there is a deal - We have one! It's a fair and balanced agreement for the EU and the UK" was the main comment from Jean-Claude Juncker. This morning saw a very similar story to yesterday; the Pound shoots through the roof only to drop like a stone shortly after. The initial agreement did however propel Sterling to a 5-month high. 

Naturally, there have been a few negative comments. Jeremy Corbyn has commented that 'the deal is worse than Theresa May's' and Nigel Farage suggesting 'the new deal is not Brexit'. But the main comments have come from the DUP. Twice this morning there have been conflicting media reports that the DUP were in favour of the new deal, but both times this was squashed by party leaders. These comments have swung Sterling 1% today.

The EU summit starts in just over an hour where Brexit is the first item on the agenda. There will then be a few press conferences after that will be watched closely. Parliament are due to vote on the deal on Saturday and as of right now, it is unclear which way it may go. If a deal passes, there will be a transition period for an orderly withdrawal to the end of 2020.

So, Boris has achieved what May couldn't do and that was to amend the text of the agreement. However, we have been here before and the issue facing the PM now is passing the deal through Parliament. If it's passed, we can expect to see highs of £-€1.19+ & £-$1.33+. If it doesn't, expect a big sell-off for the Pound.

This morning saw a very similar story to yesterday, the Pound shoots through the roof only to drop like a stone shortly after.

 

 

 

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Dan Waterman
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