As usual in the wonderful world of politics and the press, all is not what it seems on the Theresa May Brexit news.
The kicker;
"May backs down to allow parliament vote on her Brexit terms"
That was the title of the Bloomberg story that got tongues wagging and GBP buy buttons hit last night.
It didn't stop there though as the first line continues the theme;
"Prime Minister Theresa May accepted that Parliament should be allowed to vote on her plan for taking Britain out of the European Union,"
Bloomberg got some stick last week for the wording of their ECB taper story and they've done exactly the same again.
Let's be clear. Going on what I've read today, and it's a bit muddled depending on who and what you read, right now, May will not be putting her negotiating plans on the table for parliament to vote on. Parliament will also not have a say in enacting article 50.
What is being put forward is a motion for a debate. That is not a motion to vote on Brexit, it is not a motion to vote on enacting article 50. It will be a debate where all the people in parliament get to stand up and throw questions at May about what she will be negotiating on. It's a fact finding exercise at the very most. Whether the debate leads to anything else, like a motion that parliament should vote on each of the negotiating terms will come later but that's a whole different kettle of fish and not something that is tradable now.
Considering that the pound has rallied over 200 pips from the lows, it shows how invested traders are getting into the news but that's where it can become dangerous. This story is not even remotely as bullish as the move in the pound suggests however, it's not yours or my place to argue with a price we have no chance of moving. What we can do is be ready if the market comes to the same conclusion I have.
To confirm what I've just written, Reuters has just popped up a headline from May's spokeswoman saying that there will not be a parliamentary vote on triggering article 50.
