Brexit drama muddies waters for FX options

Traders focus on new dates – and scenarios – after UK criticism of proposed deal

Brexit unertainty
Brexit wobble: fierce UK opposition to withdrawal deal with EU sparks three-day, 30% surge in GBP/USD volatility

Foreign exchange options traders are revising their Brexit strategies and positions after recent political ructions caught them unawares. Fierce domestic opposition to the proposed terms of the UK’s withdrawal from the European Union sparked a three-day, 30% surge in GDP/USD volatility last week – and is now forcing the market to consider a wider range of outcomes, dealers say.

The proposed agreement was published late on November 14, after being agreed by UK prime minister Theresa May’s

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