Sterling’s not swinging now

÷ POUND traders are taking a break from Brexit. The bar to trade sterling on the basis of the UK’s separation from the EU is much higher than before. Sharp intraday swings on the back-and-forth between London and Brussels were the norm in 2016 and 2017, but that trend’s been broken.

On Friday, the pound held steady, following a report that UK officials privately think they won’t get a Brexit deal until January. Last week, faced with Brexit speeches by EU President Donald Tusk and UK Chancellor Philip Hammond, the currency barely moved on the day.