A few comments of note on Brexit from Labour MPs over the w-e 26 Feb
Yesterday Labour Party MP and shadow Brexit minister Kier Starmer laid out more detail on a perceived change of position on Brexit and advocated having some form of customs union.
Party leader and Remainer Jeremy Corbyn is due to make a speech shortly outlining/confirming their latest position and the event has gathered a lot of column inches over here.
Accusations abound that he is selling the party down the river for a more personal agenda.
Much commentary that the move is not only a softer Brexit stance but is designed to appeal to the Tory rebels and could well result Labour supporting their position which would be a de facto vote against May and her current stance which she is due to unveil this Friday.
Current pound strength being attributed to this latest development in that the softer Brexit stance by Labour outweighs the political uncertainty of May being removed from office and potentially a General Election. Some commentators/Remainers suggesting the move could seriously dilute any Brexit deal into a non-event in real terms and making a mockery of the vote to Leave.
GBPUSD currently 1.4057 after failing into 1.4080 having chewed through decent offers/res at 1.4050-55. EURGBP holding 0.8770 so far and rebounding to look at 0.8785 congestion area. Larger sell interest at 0.8800.
Large option expiry interest rolling off at 1.4000 today which I warned about earlier and is also helping to underpin the pound as the buy-side prevails. Still a long way to go to 15.00 GMT though so it would be churlish to rule out an attempt to push it lower at some point.
Corbyn up to the mic now as the Brexit circus continues to roll into town.
