Report from Robert Peston
ITV's Robert Peston reports that the most likely outcome of the EU summit is a Brexit extension to a time just beyond the EU elections at the end of May.
The idea is that " a potential no-deal Brexit annot infect those elections, but not so far that all pressure to sort Brexit dissipates."
That would put the delay close to the June 30 date that May has requested.
The shorter delay would also diminish the chance of hardliners taking over the Conservative party.
Peston said it's "presumably to reduce the potential for a new PM (maybe called Johnson) to wreak what EU leaders would view as havoc."
Cable is choping around 1.3065 and unmoved on this report. A great story from last week outlined how the news-trading algos have given up on Brexit.