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CABLE: Brexit negotiations into the close of last week had imposed a pessimistic
view that the two sides were any closer to any concessions that would aid PM May
in getting her with drawl agreement through Parliament weighed on sterling,
taking cable to a low of $1.2990 before it closed the week at $1.3019. Weekend
news confirmed the deadlock in talks and prompted another wave of sterling sales
into early Asia, the thin market allowed cable to trade to a low of $1.2949(Bbg,
local trader reported $1.2945) before it edged back to $1.2990 in early Tokyo.
However, the recovery proved short lived as general market saw risk aversion
which pressed cable back to $1.2961 but risk was given a life line as Chinese
equities opened on the front foot and allowed rate to edge to $1.2993 into
Europe. Market will watch for any developments in the UK/EU talks, reports
suggest a plane is sitting ready to jet PM May off to Brussels should there be
a break through. If not attention turns to this week's votes, Tuesday meaningful
vote (currently looking set to be defeated), Wednesday vote on Parliament
accepting No-deal(likely to be rejected) then Thursday a vote on possible
extension in Article50. Chance PM May could delay Tuesday's vote.