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EU’s Tusk has been vocal following today’s votes and has said would  recommend that the EU27 accepts a request for Brexit extension.  

Earlier in the week, the prime minister Boris Johnson was legally required to request a  delay under the so-called “Benn Act” after MPs voted to withhold their approval for Mr Johnson’s Brexit deal unless and until he has passed all necessary legislation to implement it.

The legislation was passed by opposition MPs in September to prevent a no-deal Brexit at the end of this month.  Boris Johnson had  to ask  the EU for a three-month delay to Brexit, which would extend the Article 50 negotiating period to 31 January 2020.

FX implications:

  • GBP/USD: Brexit voting sends cable back on its knees below 1.29 handle (Program Motion lost)