Another Page in the Brexit Saga

The latest development in the ongoing Brexit drama happened on Thursday. A court ruling in London that Parliament must approve before the Brexit can happen raised hopes among those opposing the United Kingdom's departure from the European Union. In making their decision, British judges discounted arguments by lawyers for Prime Minister Theresa May, that she did not need lawmakers' approval to invoke Article 50 of the Lisbon Treaty and begin the negotiation process for withdrawing from Europe. News of the decision lifted the pound sterling to its highest level in three weeks. This reflects the market's belief that the Brexit could be derailed, or at least delayed. However, that optimism may be misguided....