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Analysts at Rabobank explained that Friday saw the British cabinet finally decide what it wants from Brexit: something very soft and very cherry-picky, yet which Boris Johnson still described as akin to what one sees around 18 hours after one has eaten cherries.  

Key Quotes:

“Showing the state of play with 9 months to go to D-day, that was considered a breakthrough by the UK press; yet it was rapidly shot down by the EU, which pointed out that it was, well, cherry-picky.”

“And this morning we have seen UK Brexit minister David Davis and several junior colleagues resign from government, the Brexiteers are rallying around their totems, the Telegraph (“The reins of Brexit have been handed to those who never wanted to leave”) and the Daily Mail, while Labour are rubbing their hands and look to be preparing for an early general election.”

“It really is all very ‘The Itchy & Scratchy Show’ to be honest – they “fight & fight, & fight & fight & fight, etc.” Perhaps Theresa May is fortunate to have Croatia – England to hide behind this week vis-à-vis White Van Man. GBP was slightly lower as a result in early Asian trade.”