Next CEO Wolfson: UK can avoid severe disruption in the event of a no-deal Brexit

In a BBC interview on Tuesday, Simon Wolfson, the Chief Executive of the British retail chain, Next, said that he prefers a Brexit deal but that in the event of a no-deal "we are a long way from disorder and chaos”.

Additional Comments:

The UK government's increased focus on contingency planning means the UK is close to being well prepared.

The UK can avoid severe disruption in the event of a no-deal Brexit.

Has moved all its imports and exports out of Calais to other ports.

The pound remains undermined ahead of the London open, as the odds of no-deal Brexit rises, with GBP/USD depressed near daily lows just ahead of the 1.2050 level.

Looking ahead, markets remain focussed on the UK labor market report at 0830 GMT for the next direction on the prices.