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Citibank analysts point out that the UK PM May for the first time, publicly accepts a delay to Brexit beyond March 29 is possible and effectively raises market’s expectations of either a soft Brexit or a delay to Brexit.

Key Quotes

“Cable hits multi-month highs towards 1.3300 amid Brexit proceedings.”

“Key developments:

(1) PM May reports on “focused discussions” with EU & “good progress” with agreement on a joint UK/EU “work-stream” on alternative arrangements to N.Ireland. Makes 3 other commitments –

(2) A 2nd meaningful vote on EU Withdrawal Deal by 12 March (3) If the vote fails, on 13 March the UK government will table a motion to vote on ‘no deal’. (4) If both previous votes fail, on 14 March the UK government will motion on “short limited extension” to the end of June.”