UK PM Boris Johnson to make a statement on Brexit negotiations at 19:00GMT

UK PM Boris Johnson is to make a statement on Brexit negotiations at 19:00GMT. A barrage of speculation from the UK and European press on Wednesday suggests that a deal is on the cusp of being reached, with an announcement potentially coming as early as tonight. Indeed, it seems likely that the purpose of Johnson’s statement, which will be made from his podium outside No.10 Downing Street, will be to announce that a deal has been reached (in principle, at least). 

This comes after the UK made a significantly improved offer on fisheries to the EU within the last 48 hours and amid ongoing, near-constant contact between Johnson and EU Commission President Ursula von der Leyen, who will also be making a statement later on Wednesday at some point. 

Market Reaction

The news confirms earlier speculation that an announcement could be coming as soon as 19:00GMT. GBP has already seen a significant rally on the day, with GBP/USD higher by around 1.0% at just under 1.3500 and EUR/GBP lower by around 0.8% and trading around 0.9030. Confirmation of a Brexit deal from the PM seems likely to give GBP further tailwinds (GBP/USD likely to move back above 1.3500 and EUR/GBP could break below 0.9000).