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Brexit headlines evident Tuesday, initially...>

CABLE
MNI (London)
CABLE: Brexit headlines evident Tuesday, initially pressed cable to a low of
$1.3158 before it bounced to $1.3262 into NY. Rate eased off to $1.3200,
recovered to $1.3232 then settled between $1.3200-10 into the close. Rate seen
acting as a barometer on market perception of how the UK will perform Brexit.
Hard Brexit (No-deal) weighs on the pound, soft Brexit, with several ways this
can be performed, including PM May's Withdrawl Bill, supports. Early Asia saw
cable trade within $1.3205/15 before it dropped back to $1.3177, with recovery
efforts holding off a retest of $1.3200. Wednesday sees parliament imposing its
own business, following the Letwin amendment voted for on Monday, with
indicative voting to express members' views how the UK should leave the EU,
attempting to come up with alternative methods from PM May's Bill. However, some
ERG, including Rees-Mogg, appear to be coming into line behind the PM, though
needs support of the DUP. Market in headline watch, again. Cable support
$1.3180/75, $1.3160/50, $1.3100, $1.3080. Resistance $1.3262, $1.3280, $1.3300.
UK CBI Distributive Trades due at 1100GMT. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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