Latest Brexit business news.
Currency traders, preparing for post-Brexit volatility in currency markets after the, now defunct, 31st October Brexit deadline, placed bets worth billions of pounds in options – the majority of these have now expired worthless.
The pound is holding above $1.29 after the EU gave the UK another extension, or ‘flextension’, till 31st January 2020. This left many options, maturing today, in a loss, including a notional value of over £10 billion ($13 billion) that the currency would slump below $1.28 or climb above $1.30.
Full article: Bloomberg Brexit