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CABLE: Cable saw a low of $1.2962 in European morning trade Monday, as market
reacted to UK Chancellor Javid comments from a weekend interview, signalled that
the UK will not seek a close economic alignment with the EU after Brexit. Rate
recovered through a US holiday thinned session to $1.3014 into the close. Early
Asia saw rate drift back to $1.2996 before risk took a general knock on China
coronavirus concerns, the sharp drop in USD/JPY saw cable push up to $1.3022
before losing momentum. Rate eased to $1.3002 in opening Europe trade but so far
able to hold above the figure. Speculation ongoing for a possible rate cut at
the BOE MPC announcement on Jan30, recent poor data and reported dovish comments
from MPC members have opened the door but arguments out there that it may be a
premature move. UK Employment/Earnings data due for release at 0930GMT, though
seen backward looking, with more focus set on Friday's flash PMI's to provide a
clearer rate picture. BOE Carney makes an appearance in Davos, 'Solving the
growth equation' panel. US Trump also appears in Davos.
- Cable support $1.3000/1.2996, $1.2985/80, $1.2962/55. Resistance $1.3020/25,