Pound gains as Brexit problems get postponed by at least two weeks
But the decision to kick the can down the road to 12 April - should May lose another meaningful vote - isn't going to change the fact that we'll be starting down at the same options as we were at the start of this week. The pound lost ground in overnight trading as we're now faced with either a binary outcome as the Brexit saga draws to a close.
It's either going to be a no-deal Brexit on 12 April or we get a long extension as the UK parliament seeks alternatives to agreeing a Brexit deal, which could mean a second referendum down the road. All this is of course assuming May loses next week's vote, which seems more than likely still.
Meanwhile, the aussie is holding slightly weaker on cross-selling against the kiwi. The currency is also weighed lower as Australian 10-year bond yields are now down to 1.83%, just 2 bps off its all-time low at 1.81%. Once again, yields are proving to be a bane for the aussie.
Other major currencies are more subdued with the dollar trading mixed against the rest of the major bloc. EUR/USD is still not in a hurry to go anywhere and there isn't much else to drive direction as risk sentiment remains rather muted to start the day.
