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CABLE: Cable has stuck to a tight range thus far, last dealing at $1.2975.
- Tuesday's move lower came in the wake of broader based pressures stemming from
uncertainty surrounding the Italian fiscal situation.
- Elsewhere the Conservative Party conf. continues to garner interest, with any
commentary re: Brexit keenly watched, especially after the ruling-coalition's
junior party, the DUP, reiterated its stance re: the Irish border.
- There has been little market reaction to a Telegraph piece which suggested
that "UK PM May is under pressure to set out a timetable for her departure after
Cabinet mins said it was now a question of "when, not if" she stands down as PM.
The Telegraph has been told discussions have begun about when Mrs May should be
ousted if she refuses to leave Number 10 before the next general election."
- From a technical perspective, bears are firmly in control after the $1.3000
level gave way, with the rate last dealing bang on the 50-DMA. The next major
downside target comes in at the September 05 low ($1.2786). Bulls need to
reclaim the 100-DMA ($1.3120) to alter the short-term outlook.
- UK Services PMI headlines the economic docket on Wednesday.