Quote of the Day: Hard Brexit Bad For The Economy, And, Thus, The Politicians...

In "The Dollar" section of our 2018 year-end letter, one of the bullet points on why I anticipate a downward bias for the greenback was the economic, and, thus, the political risk inherent in a hard Brexit. The following from Bloomberg's Markets Live Blog this evening speaks to that point:

"GBP/USD is rising early Tuesday after a report that Angela Merkel will offer concessions to Theresa May if her withdrawal deal is defeated in parliament. A disorderly Brexit isn't something that European leaders want to face any more than the U.K. does, but as usual it is only at the last minute that a compromise will be on the table."