Search ForexCrunch

ITV recently published a story that relies on an interview of the United Kingdom’s (UK) Finance Minister Sajid Javid. During the interview, as per the news, the Chancellor stood ready to release the report on November 06 while also showing the government’s readiness to push for October 31 as a Brexit deadline. It was also mentioned that the appointment process for the Bank of England (BOE) Governor after Mark Carney leaves, is also on track.

Key quotes

“The budget remains [November 6]. When it comes to Brexit, we are working as much and as hard as we can to still do that on October 31, despite what happened in parliament.”

“It’s just worth recalling that when the new government came into office some three months ago and Boris Johnson became prime minister, everyone said ‘you’re not going to be able to reopen this agreement, you’re not going to be able to get rid of the backstop, you’re not going to be able to reach a new deal.”

“But we’ve delivered on all three… This government achieved a Brexit deal, but then parliament decided to delay the deal. We can get it done by October 31.”

FX implications

Although the British Pound (GBP) shows no major reaction to the news, this could weigh on the recent optimism backed by concerned of a soft Brexit, which in turn might drag the GBP/USD down and negatively affect the market’s risk sentiment.