Macquarie Bank with a few thoughts on the Brexit draft from UK PM May

  • Expect Cabinet to approve
  • Not unanimously, there may be a resignation or two in protest (a junior minister)
  • Bigger names in Cabinet likely to approve though
  • No date yet set for a vote in parliament, Macquarie not confident it gets the votes there
  • Nominate a mid-December vote and more negotiations to then go into January
  • MBL is looking for an eventual deal though, not a no deal exit

MBL 3 month forecasts:

  • GBP/USD to 1.38
  • EUR/GBP to 0.83

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ps. Cabinet meeting is Wednesday 14 November 2018 at 1400GMT