Boris Johnson is now the sure bet to be Britain’s next Prime Minister and sterling has barely budged. As one foreign exchange trader put it: “Boris is now in the price of the pound.’”

Just think about that paradox for a moment: Boris has been discounted. Forex traders appear to have priced in that there will not be any big currency swings when the man who threatens to take the UK out of the European Union without a deal takes the crown next month.

That suggests two likely outcomes from Johnson’s victory. Either those in the markets are not in the slightest bit worried that the UK leaves the EU on October 31 without some sort of agreement. Or traders think Johnson will pull off a new Brexit deal before Halloween.