BREAKING NEWS

BREAKING NEWS

BNP Paribas - Stay long on sterling, Brexit delay 'inevitable'

BNP Paribas - Stay long on sterling, Brexit delay 'inevitable'
@ Copyright :
Benoit Tessier(Reuters)
Text size Aa Aa

LONDON (Reuters) - BNP Paribas on Wednesday advised clients to retain their long position on sterling, sticking to its prediction that Britain's departure from the European Union would be postponed even if a deal were agreed.

Lawmakers on Tuesday demanded that Prime Minister Theresa May return to Brussels to renegotiate the Brexit deal in order to replace the so-called Irish backstop, potentially putting her on a collision course with the EU.

BNP Paribas said however its base case was unchanged, advising staying "long" sterling.

"The can has merely been kicked down the road. MPs will have to decide again on 14 February whether to accept the deal on the table, leave with no deal, or extend Article 50. We think the latter will prevail," they added.

(Reporting by Sujata Rao, editing by Dhara Ranasinghe)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.