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CABLE: Cable has shed 12 pips thus far and last deals at $1.2933 after UK PM May
replied to Labour leader Corbyn's earlier offer of a cross-party compromise on
the Brexit deal. Although the PM agreed that more cross-party talks are needed,
she ruled out key Labour demands and stressed that she remains opposed to the UK
staying in any customs union with the EU.
- This comes after cable dropped 8 pips Friday.
- As a reminder, on Feb 13 PM May is to update the lawmakers on her progress in
drafting a revised Brexit deal, ahead of a Brexit debate in the House of
Commons, scheduled for Feb 14.
- Bears keep an eye on $1.2921, where the rate bottomed Friday, ahead of the
100-DMA at $1.2888. Meanwhile, initial resistance is located at Friday's high of
$1.2976 and a break above would draw bullish attention to the 21-DMA at $1.2996.
- UK focus this week falls on domestic GDP, as well as trade balance &
production figures, due later today, CPI due Wednesday & retail sales due
Friday. Elsewhere, BoE Gov Carney will speak Tuesday, while Vlieghe will speak