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MNI China Daily Summary: Tuesday, May 30
Cable has slipped 12 pips and last trades.....>
CABLE: Cable has slipped 12 pips and last trades at $1.3023. Bears look to the
Friday's low of $1.2978, while bulls target the 55-DMA at $1.3072.
- GBP/USD gradually advanced through Friday's Asia-Pac session, only to take a
nosedive in early European morning, landing ~75 lower, amidst uncertainty ahead
of the "meaningful vote 2.5" on PM May's withdrawal agreement alone, w/o the
accompanying political declaration on future ties with the EU.
- Subsequent reports suggesting that ex-Brexit Sec Raab, as well as some Labour
MPs might back the PM in the key vote pushed cable to intraday highs of $1.3136.
- The pair then eased off before extending losses through the $1.3000 level
towards its 200-DMA at $1.2976, after the agreement was defeated by a 58 margin,
which prompted EU Council Pres Tusk to call an emergency EU summit for Apr 10.
- Should there be no breakthrough, on Apr 12 the UK will leave the EU by
default, but the future of Brexit remains shrouded by mystery, with the Commons
set for another round of indicative votes scheduled for today. Elsewhere, PM May
reportedly weighs bringing her deal back to parliament on Thursday, with the
stability of PM May's gov't also in focus.
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