|

UK's PM Johnson: I don't think there is any case for a Brexit delay

  • UK's Prime Minister Johnson is confident that UK lawmakers will back his Brexit deal. 
  • Markets may not be so convinced until the fact which means uncertainty for GBP.

UK's Prime Minister Johnson is commenting after a decision by Leaders of 27 EU countries to formally endorse the new Brexit agreement with the UK. 

Key comments:

  • Says this is a great deal for our country.
  • Says it means we in the UK can come out of the EU as one United Kingdom.
  • I don't think there is any case for a Brexit delay.
  • This is a great deal for our country.
  • It means we in the UK can come out of the EU as one United Kingdom.
  • We can also build now on our relations with the EU.
  • The extraction having been done, the building now begins.
  • It is the chance to get brexit done.
  • It is a chance to focus on the people's priorities.
  • Brexit has been long, painful and divisive.
  • It is time for our parliamentarians to get this thing done.
  • I think there is a very good case for MPs to get Brexit done.
  • I don't think there is any case for delay.
  • It is a good deal for Northern Ireland.
  • Says Northern Ireland will be able to do free trade deals with rest of UK.
  • Will be making further announcements about the vote in due course. 
  • Confident UK lawmakers will back his Brexit deal. 

FX implications:

While Johnson is confident that UK lawmakers will back his Brexit deal, markets may not be so convinced until the fact, and that means uncertainty for GBP accompanied by volatility. GBP/USD has rallied towards the 1.30 handle and to the highest levels since May of this year. 

The DUP leader, Nigel Dodds, has already criticised Mr Johnson. Dodd told the BBC News: "If he'd held his nerve - and held out - he would, of course, have got better concessions which kept the integrity, both economic and constitutional, of the UK." The BBC News reported that he said he expected 'a "massive vote" against Mr Johnson's deal on Saturday in the House of Commons - and the DUP expected to "play a crucial role" in amending the legislation.'

Boris Johnson’s deal avoids a worse outcome, but winning parliamentary approval for the economically costly plan will be a tough one.

Author

Ross J Burland

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

More from Ross J Burland
Share:

Editor's Picks

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.
 

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter 

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.