As should come as little surprise to those who follow John Bercow, the speaker of the house has announced that there will be no meaningful Brexit vote today. Bercow stated that the matter was decided less than 49 hours ago and it is hard to see a change of circumstances that would warrant a reconsideration on the next sitting day.
However, he was also keen to state that it was legitimate for the government to introduce its EU withdrawal bill and as such we can expect the key vote to take place tomorrow. There is a growing expectation that this bill will pass tomorrow and therefore we could be set for further upside in the pound, with the latest positioning data still suggesting an elevated level of shorts that may be forced to cover in the event of a market positive outcome.
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The pound dipped lower as the speaker began his address but has since recovered and remains close to its highest level in several months against both the US dollar and the Euro. Source: xStation
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