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Free AccessCable Retains an Underlying Buoyant Tone
Late Asia recovery, which saw cable edge up from an earlier low of $1.3037 to $1.3054 into Europe, took a slight knock from the release of UK Employment data, the 3m/3m claimant count count showing a larger fall than expected, the 3m unemployment rate edging up to 4.5% vs expected 4.3%(using the ONS new adjusted basis), though some of this countered by earnings data. Cable dropped to $1.3043, bounced to $1.3051, currently around $1.3048. Sterling currently enjoying underlying buoyant tone, traders have noted sterling demand into the last three 1600BST fixes, Monday demand taking cable to an extended recovery high of $1.3083 in post fix trade before it settled around $1.3065 through the balance of Monday trade and into early Asia. Risk took a general knock in Asia on reported problems with the J&J COVID-19 vaccine trials though only took cable down to the mentioned low. A light data calendar for the UK Tuesday, BOE Bailey appears at the Lords' Committee at 1500BST with market focussing on mention of negative rates. EU Summit Thu/Fri, with PM Johnson's Brexit deadline also on Thursday. However, hopes that the UK and EU will be able to enter the 'tunnel' and progress in talks with a possible agreement by the end of the year.
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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.