- Title: Markets expects Brexit deadline extension - analyst
- Date: 22nd October 2019
- Summary: LONDON, ENGLAND, UK (OCTOBER 22, 2019) (REUTERS) HOUSES OF PARLIAMENT / LONDON BUSES DRIVING ACROSS BRIDGE (SOUNDBITE) (English) MARKET ANALYST FROM CITY INDEX, KEN ODELUGA, SAYING: "Generally speaking, I do believe that we will be going right up to the wire. Whether or not we'll cross that wire, which is on the 31st of October is perhaps a bit less easy to predict. But on the other hand, I still think my base case remains that there'll be a short technical extension at the very least." PEOPLE WALKING NEAR HOUSES OF PARLIAMENT / SIGN READING (English): ''STOP BREXIT'' (SOUNDBITE) (English) MARKET ANALYST FROM CITY INDEX, KEN ODELUGA, SAYING: "A technical extension obviously relates to the idea that everything's there, but it just needs literally more time to allow people to type it up or do whatever, to talk it through, to print and all that sort of stuff. So our technical extension to deal with the logistics. Now obviously all that falls by the wayside, if this withdrawal agreement, the MPs vote against this withdrawal agreement, it's put back up in the air. I think, you know, a key point, obviously for all of us is that markets have clearly signalled that whilst not everyone wants to get on or move away from Brexit purgatory, markets certainly do. And that's what I think you're seeing reflected in the fact that the pound has maintained, pretty much its elevation that it soared to over the last several weeks. When this, these probabilities seem to be improving.'' SIGN READING (English): ''STOP BREXIT'' (SOUNDBITE) (English) MARKET ANALYST FROM CITY INDEX, KEN ODELUGA, SAYING: ''But I do think that if there's any sort of further hitch or, you know, a longer extension, perhaps, for whatever reason, then I think you'll start to see the pound start to ease back. You're really starting to see it already as we saw it touch 130 yesterday. But, you know, kind of like (inaudible) a little bit lower and I think, well before I left, saw it looking at it this, this morning it was again a little, a few sort of pips, lower again. So this is what will be a small flavour of what you might see if there is any further hitch at this point." BRITISH UNION JACK FLAG FLUTTERING / HOUSES OF PARLIAMENT IN BACKGROUND
- Embargoed: 5th November 2019 12:20
- Keywords: Brexit Ken Odeluga market analyst City Index British pound
- Location: LONDON, ENGLAND, UK
- City: LONDON, ENGLAND, UK
- Country: United Kingdom
- Topics: Currencies/Foreign Exchange Markets,Economic Events
- Reuters ID: LVA001B26HRPP
- Aspect Ratio: 16:9
- Story Text: A British market analyst on Tuesday (October 22) said he believes there will a short Brexit extension as sterling held below $1.30 ahead of another crucial vote in parliament on leaving the European Union.
Ken Odeluga from City Index in London said he expects a ''technical extension, at very least'' and that markets want to move away from "Brexit purgatory".
After he was forced by opponents into asking the EU for a delay that he had promised he would never request, Prime Minister Boris Johnson is battling to push legislation through the House of Commons that will enact his last-minute Brexit deal. Lawmakers vote around 1800 GMT on the 115-page Withdrawal Agreement Bill and then vote on the government's extremely tight timetable for approving the legislation.
Sterling added 0.1% at $1.2968 in early London trading. Against the euro, it fell 0.1% and was last trading at 0.85910.
(Production: Soraya Ali, Aiden Nulty)
- Copyright Holder: REUTERS
- Usage Terms/Restrictions: None