Can Latest Brexit Support Bolster Bull ETF?

Britain’s Prime Minister Theresa May garnered enough Cabinet support to move forward with a Brexit deal on Wednesday, effectively keeping the United Kingdom within the customs union of the European Union (EU) for an indefinite amount of time, but will this latest development bolster the Direxion Daily FTSE Europe Bull 3X ETF (NYSEArca: EURL)?

“I firmly believe that the draft withdrawal agreement was the best that could be negotiated,” said May. “The choices before us were difficult,” May added. “But the collective decision by Cabinet was that the government should agree the draft withdrawal agreement and the outlying political declaration.”

“This is a decisive step which enables us to move on and finalize the deal in the days ahead,” May added.

Per a CNBC report, the proposed 500-page deal will include commitments regarding UK citizens’ rights after Brexit takes place and a proposed 21-month transition period after Britain exits the EU on March 2019.