Spreadex Market Update

Pound lifts from lows as EU shifts Brexit cliff edge forward to April 12th



Sterling started Friday’s session in something akin to recovery mode, Thursday’s Brussels ballyhoo just about taken as a positive.

Britain is no longer leaving the EU on March 29th. If Theresa May’s twice-rejected withdrawal agreement – which has been exhumed more times than is sanitary – passes next week, Brexit will occur on May 22nd. If, and this is the likelier option, May’s deal fails once again, then the UK has until April 12th to notify the EU of its intentions, with the possibility of a longer extension dependent on whether or not the government can both ‘indicate a way forward’ and agree to hold European elections.

Somehow not completely exhausted by the constant Brexit swerves, the pound jumped 0.3% against both the dollar and the euro, an increase that admittedly barely took the edge off of the losses incurred in the last couple of days. These gains helped knock the FTSE off its perch, the UK index slipping back under 7340 as it fell 0.3%.

Elsewhere the DAX rebounded after a rough 48 hours, nudging back above 11600 following a half a percent increase. The CAC, meanwhile, was flirting with 5380 as it added a handful of points.

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