Positive headline for GBP

Boris Johnson briefed the 1922 committee that there is still a cloud over the deal but that they're almost there. He also said the UK will leave the EU on October 31 no matter what.

Meanwhile, ERG leader Steve Baker said a 'deal sounds like it could be tolerable'. He emphasized that they won't make a decision until they see the legal text and that without a text, they will vote against any deal.

That last part is key because there is talk of a vote on Saturday and there is little chance of anything more than a political declaration then. This means an extension is coming but ultimately that's not necessarily negative because it may only be due to the time it takes to draft the text.

The pound is at the best levels of the day, up 67 pips to 1.2853.


The euro is also stronger at 1.1073.