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CABLE: Cable built on Friday's late recovery, following market reaction to Fed
Powell's cautious tone, which countered USD gains following release of strong
NFP data, through Monday's trade, the rate pushed up to $1.2787 in NY before
closing the day around $1.2780. Early Asia edged rate to $1.2789 before onshore
USD/JPY demand prompted USD demand across the board which pressed rate back to
$1.2754. Hopes for a positive outcome to current US/China trade talks was seen
boosting the risk outlook. The Asian pullback attracted in early sterling demand
in Europe which spiked cable to $1.2797 as EUR/GBP dropped to Gbp0.8948(helped
by weak release in Germany IP data as well as Europe reaction to overnight news
suggesting an extension to Article 50 if a deal can't be completed by Mar29).
Sterling currently off highs, cable trades around $1.2775, EUR/GBP around
Gbp0.8958, at writing.
- Cable support $1.2750, $1.2720. Resistance $1.2800, $1.2815.
- Brexit remains the key driver in sterling direction, general risk outlook
taking over on lack of Brexit headlines.