FX Update: Both the pound and the euro are up
FX Update: Both the pound and the euro are up against most other currencies on an increased perception that there will be another Brexit delay, which would take the deadline out to January 31 or later. There is also increasing signs that Prime Minister Johnson has a stab at winning sufficient parliamentary support on his plan should he manage to reach a deal with the EU. But it's a tall order, as Johnson would be relying on Labour members and members he ousted from his party. On the EU side, there have been mixed messages, but its clear that a big gap remains between the two sides and insufficient time to work things through by this the Union's summit on Thursday. Amid this are reports that the EU is considering holding an emergency summit, with Brussels and key member states eager to get a deal done with that meets the twin objectives of preserving the Good Friday Agreement and the integrity of the single market. The BBC cites sources suggest that the EU is hoping Johnson concede to accepting the backstop guarantee, though if he did he would likely be punished for it at the upcoming election by losing votes to the Brexit Party. Elsewhere, the EUR-USD and USD-JPY have been holding narrow ranges. Global stock markets are back in an overall sputtering price action following a run of weak Chinese data, and with Beijing indicating that more talks will be needed on the trade front before last Friday's "phase 1" deal could be signed off on.