Cable eased off at the start to the...........>

CABLE: Cable eased off at the start to the session, breaking out of yesterday's

range to the downside, but USD sales pushed the rate higher. In the NY/Asia

crossover, the Times reported that UK Health Minister & Conservative MP Dorries

has tested positive for the novel coronavirus. She is now under self-quarantine,

but had previously attended an event at No. 10 with PM Johnson & Health Sec

Hancock, as well as various meetings with "hundreds of people in parliament."

Selling pressure hit USD amid disappointment with the lack of clarity re:

stimulus measures from the White House, helping cable recover from lows.

- Chancellor Sunak will deliver the 2020 Budget to lawmakers later today. The

spending plan comes in the midst of a global coronavirus crisis, which has seen

gov'ts across the world draft emergency stimulus measures. Sources told BBG that

the Chancellor will pledge GBP600bn for infrastructure spending by mid-2025.

- The rate sits at $1.2920, 10 pips better off. A rally above the psychological

barrier of $1.3000, flanked by the 100-DMA ($1.2994) & 50-DMA ($1.3003) would

see bulls targeting the Mar 9 peak at $1.3200. Bears look for a drop towards the

Feb 28 low/200-DMA at $1.2726/11 to start with.