UK’s PM, Boris Johnson, is reported to be addressing a mass meeting of the 1922 committee of Conservative backbenchers at 7.30pm London time tomorrow night.T he PM will brief his Cabinet at 4pm.
The PM has come up with a draft Brexit deal for which the EU is likely to back and Johnson is likely to present the deal at the meeting tomorrow – However, its a late-night meeting and the details of the outcome will potentially be drip-fed throughout the Asian session if not presented in a formal address by the PM, if anything is indeed agreed prior to being presented in Parliament, more than likely the next day.
However, “Dowingstreet insiders are cautioning that the talk of an imminent deal is premature and there are still hurdles to overcome. PM continues to work towards a deal and talks are going well but there needs to be a dose of realism about anything coming tonight” – Paul Brand of Paul Brand TV – Political Correspondent & Presenter ITV News.
FX implications:
GBP/USD bulls are really pushing the envelope here in testing territories above the 200-DMA on what appears to be a very tough sell to the DUP. The DUP that is the biggest risk to a deal getting through Parliament. We are waiting to hear of the outcome of today’s talks between DUP’s leader, Foster, and Boris Johnson. Johnson is going to have a very tough time selling his proposal to the DUP if too many concessions are made to the EU and it in any way jeopardises N.Ireland’s constitutional and economic place in the UK.
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