Prime Minister Theresa May will file formal Brexit divorce papers on Wednesday, pitching the United Kingdom into the unknown and triggering years of uncertain negotiations that will test the endurance of the European Union.
May has promised to seek the greatest possible access to European markets but said Britain will aim to establish its own free trade deals with countries beyond Europe, and impose limits on immigration from the continent.
For the most part, traders believe the markets have long been prepared for the start of the process, which comes with May triggering Article 50, the legal framework starting the negotiations that will unwind the decades-long relationship. But regardless, they will be watching the U.K. markets and the pound and euro closer than usual.
Brexit could be anticlimactic but it will still get attention well into the U.S. trading day. "I'll be watching Brexit but I don't think it's going to have much effect. I think the negotiations will be going on for two years," said Andrew Brenner, global head of emerging market fixed income at National Alliance.
Reference: Reuters, CNBC
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