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UK MPs Vote in Favor of a Brexit Delay, Markets in ‘Risk On’ Mode


Brexit remained on center stage, with UK MPs voting in favor of delaying the Brexit process. Nevertheless, sterling reacted little to the outcome, perhaps because it was widely anticipated. Now focus turns to a potential third “meaningful vote” on May’s deal, as well as the EU summit next week. Elsewhere, most equity markets traded in a risk-on mode, with Asian indices taking the steering wheel this morning, on optimism over the US-China trade negotiations.

UK MPs Support Extension, New ‘Meaningful Vote’ and EU Summit in Focus

The pound was found within a ±0.15% range against most of the other G10 currencies. The only currency against which it moved more was AUD, with GBP underperforming. The pound was lower against most of the others as well, gaining slightly only against JPY and EUR and trading virtually unchanged against USD and CAD.

Brexit remained in the spotlight yesterday, with UK Parliament members voting 412-202 in favor of an extension to Article 50. However, the pound reacted little to the vote. Following Wednesday’s surge on the...

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Source: https://www.jfdbrokers.com/en/research/uk-mps-vote-in-favor-of-a-brexit-delay-markets-in-risk-on-mode
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