- Posted by currencies in Rate Alerts
- March 18, 2019
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Britain’s government will only hold another meaningful vote on Prime Minister Theresa May’s Brexit deal tomorrow or Wednesday if it is certain that the divided House of Commons would back it at a third attempt, the foreign minister said.
She suffered a further setback when Boris Johnson, the Brexiter former foreign secretary, refused to back her agreement unless she secured changes to the Irish backstop — designed to prevent a hard border on the island of Ireland.
Another Brexit-supporting British lawmaker said a “lot of people” in parliament still remained opposed to May’s European Union withdrawal deal.
Sterling traders are bracing for further volatility as May scrambles to convince lawmakers to back her deal ahead of the parliamentary vote so that she can attend a European Summit on Thursday and offer leaders something in return for more time.
Options markets show implied sterling volatility — a gauge of expected swings in a currency — still elevated, with one-week vols near multi-month highs. Sterling vol is higher than G10 as well as many emerging currency peers.