Hopes for November summit slipping
Both sides in the Brexit deal wanted an backstop agreement to be mapped out this week with a deal in November but now there is chatter the November summit is about to be cancelled.
There is chatter about a rescheduling for December 16 as well.
The only real hard deadline is March 29, which is the Brexit date and if there's no deal that will mean a hard Brexit then; or some kind of temporary extension to Article 50.
What seems to be happening is an almost endless extension of the backstop deal beyond 2020 or even one that's open ended. That might be tough to get through parliament.
In any case, cable is starting to look at it all with a more level head as exhaustion from the fearmongering sets in. Cable is up 60 pips to 1.3209 today.
