“Cool heads have prevailed, and cool heads will keep prevailing,” says Konstantinos Venetis, a senior economist at London-based financial firm TS Lombard. He says that getting to a point where the U.K. leaves the EU without some form of a trade deal, also known as “hard Brexit,” isn’t likely. “The bar for a hard Brexit is pretty high,” Venetis contends. Instead, he sees a deal before the March deadline. Without one, Britain has much to lose, and so does the EU. “If tomorrow we get a smooth deal, then you would see a jump in sterling to $1.40,” he maintains. At that point, U.K. stocks, especially domestically focused ones, would rise in dollar terms.
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