Brexit: UK lawmakers vote in favour of Letwin amendment

Author: Justin Low | Category: News

The amendment passes with votes 322-306

The amendment passes with votes 322-306
That means this will see parliament delay the decision on Boris Johnson's Brexit deal i.e. any Brexit motion at this point in time will not be a meaningful vote.
ForexLive

It also compels Johnson to seek an extension from the EU regardless of what happens now before 31 October.

On the balance of things, I think this is a setback for the pound as the immediate optimism gets sapped but if the numbers are there for Johnson, ultimately this acts as a safety net for the currency considering it rules out a no-deal outcome.

It's still tough to gauge how this will impact the open next week but I reckon we could see some mild weakness in the pound but probably not as much as the bears would be hoping for. A further Brexit delay pushes back the optimism but it doesn't mean that we're headed towards a no-deal or a disastrous outcome just yet.

Just be reminded that any extension request still requires the EU to approve of one and if they do, it is just going to keep putting us in circles again. They want to keep the pressure on UK lawmakers to decide on something but so far nothing is working.

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