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The one and only Brexit deal may not pass. Photo: Tolga Akmen/AFP/Getty Images

The British pound rallied going into the weekend, rising to its highest level against the dollar since Nov. 22.

Between the lines: That's odd considering the spate of bad news for British Prime Minister Theresa May's one and only Brexit deal. It seems, however, that the market is not pricing a better Brexit agreement, but no Brexit at all, says Bannockburn Global Forex Chief Market Strategist Marc Chandler.

What they're saying: "This bullish price action suggests market participants may be looking beyond the January 15 vote in the House of Commons," Chandler wrote in a Sunday note to clients.

  • PredictIt.org odds have just a 20% chance that the UK leaves the EU on March 29. 
  • Reuters reported Friday that billionaire Peter Hargreaves and hedge fund manager Crispin Odey expect Britain to stay in the EU. The two were among the largest financial backers of the campaign for Brexit.
  • Odey, who runs Odey Asset Management, said he is now positioning for the pound to strengthen.

Watch this space: CFTC data shows speculators are still widely betting on the British pound to fall in value, but new data hasn't been reported since Dec. 21 because of the U.S. government shutdown.

Go deeper

Firefighters end search for bodies at Surfside

A picture in the memorial that has photographs of some of the victims from the partially collapsed 12-story Champlain Towers South condo building on July 15 in Surfside, Florida. Photo by Joe Raedle/Getty Images

Firefighters on Friday concluded their search for bodies at the site of the June 24 collapse of the Champlain Towers South condominium in Surfside, Florida.

Driving the news: 97 people were killed and one woman, Estelle Hedaya, remains missing.

Updated 2 hours ago - Sports

Olympics dashboard

🚨: Team USA closes out Day 1 with no medals for 1st time since 1972

📺: The Olympic events to watch today

🛹: Athlete spotlight - Nyjah Huston hopes to skate his way into Olympic history

🇺🇸: After loss to Sweden, U.S. women's soccer team overwhelms New Zealand

🥇: The six new sports at Tokyo 2020

👻: How the no-spectator Olympics could affect the athletes

💉 About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage

2 hours ago - Sports

Jill Biden cheers on Team USA at Tokyo Olympics

Jill Biden congratulates U.S. women 3x3 basketball team after the first round 3x3 basketball match. Photo: Mustafa Yalcin/Anadolu Agency via Getty Images

First lady Jill Biden attended three Olympic events on Saturday and hosted a watch party at the U.S. Embassy for the Team USA-Mexico softball game.

Driving the news: On her first day as a spectator at the Games, Biden attended a women's 3x3 basketball game, cheered on American swimmers during preliminary heats and caught the second half of the U.S. women's soccer game against New Zealand.

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