Cable crunched as May grasps at straws -GBP...>

FOREX: Cable crunched as May grasps at straws

-GBP was comfortably the poorest performer in G10 as markets gear for

'Meaningful Vote 2.5', as May looks to secure parliamentary approval for her

withdrawal deal, but not a political accord and thereby answering very few

questions about what the UK's relationship with the EU will look like in just a

few weeks' time. This hurt GBP throughout the day, extending losses on the break

below the 55-dma and switching focus to support seen ahead of $1.3005/00.

-The greenback traded well, largely thanks to the recovery in USD/JPY from early

Europe lows of Y110.02. While equity markets in the US gained, there was no

material return of risk appetite, keeping most markets from breaking out of the

recent range.

-EMFX remains volatile: TRY slumped as the decline in swap rates allowed markets

to exit longs and re-initiate shorts, increasing the pressure ahead of the

weekend's elections.

-German unemployment, UK & CA GDP and MNI Chicago PMI are the calendar

highlights Friday.