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CABLE: Cable registered a session high at $1.3236 Tuesday, before closing at
~$1.3180, as negative Brexit related comments had a limited impact, with the
market exhibiting signs of fatigue around the matter.
- Cable's initial leg higher on Tuesday came on the back of reports suggesting
that the cabinet told PM May to drop her Chequers plan or she will face a no
confidence vote within days. The rate then received an additional boost from the
release of UK labour market numbers, as wage growth beat expectations.
- Rate has softened a touch at the EU crossover, dealing at session lows of
$1.3165 last. Bulls need a close above $1.3200 before they can target the Sep
high at $1.3298. Bears keep an eye on the 50-DMA at $1.2990, with a break
opening a move to the $1.2933 Oct low.
- Focus today falls on the integral EU Brexit summit & UK CPI release. Reports
Tuesday suggested that a Brexit deal may be struck as late as December, while
the FT wrote that "Michel Barnier has said he is open to the possibility of a
1-year extension to Britain's Brexit transition in return for PM May accepting a
"2-tier" backstop to avoid a border in N. Ireland, according to EU diplomats."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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