Pound down 30 pips
The more I think about it, the more I think the Conservative leadership race is a downside risk. Just now you have longshot candidate Esther McVey out saying that they have to embrace leaving without a deal.
I expect you will have wrangling to claim the ground as the most hard- Brexit candidate and that’s going to mean more headlines like this. It will also force Boris Johnson to say the same kinds of things to protect his flank and (eventually) to win the support of party members.
No one is going to campaign for the leadership by saying that the deal is not renegotiable and they need to embrace it and work on a trade deal.
God forbid the leadership race gets stuck in a debate on the Irish border quagmire.