Free Trial

Cable has dropped 8 pips thus far and last....>

CABLE
CABLE: Cable has dropped 8 pips thus far and last deals at $1.2795. 
- BBG cited sources saying that "British Prime Minister Theresa May's officials
are preparing to compromise on their demands for a re-write of the Brexit
agreement", while "the UK government is watering down its request for changes to
the contentious Irish border backstop arrangement." This would of course make
any deal a harder sell in London. 
- This occurs after the rate slipped 43 pips yesterday, amidst prolonged
political uncertainty re: Brexit. PM May suffered another setback in parliament,
as lawmakers rejected the motion to support her plans. No. 10's spokesman later
said that the gov't is still planning to deliver Brexit by March 29. 
- BoE's Vlieghe spoke yesterday and said that a no-deal Brexit might require
loosening of MonPol adding that he sees the rate track flatter than a year ago. 
- Initial support is located at the 1.0% 10-DMA envelope at $1.2771, ahead of
the lower Bollinger band (2%) at $1.2746. Meanwhile, bulls look for a jump above
the cloud top at $1.2808, followed by the 50-DMA at $1.2819. 
- UK focus today turns to domestic retail sales data.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.