UK softens position
If you listened to Boris Johnson's press conference today, you might have left with the impression that he didn't care whether there was a deal or not.
At the same time as he was saying that, he was laying the groundwork for a compromise. A new report from Bloomberg says he's softened his position on the difficult fisheries area. It's a big move as it will allow EU boats to keep two-thirds of their quota, rather than one-third.
"The UK offered to give further ground if the EU back down in other areas, according to people familiar," the report says.
Cable has jumped to 1.3476 from 1.3375 in a quick move.
The EU has proposed keeping 75% of the quota so they're not that far off. But the UK offer asks for concessions in other areas, so it's a balance.
All told, the rebound from the intraday low of 1.3188 is a sensational move and a really impressive daily candle is visible.
I find it insane that this whole deal hinges on 40m euros/year of fish. I just can't imagine it would fall apart over that.