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CABLE: Cable sits 10 pips higher challenging $1.2800 in early Asia-Pac trade.
This comes after PM May suffered another defeat in the commons on Wednesday,
which gives her 3 (working) days to present her scenario analysis i.e. next
steps on Brexit if her deal is defeated in parliament next week. Cable printed
intraday highs around $1.2800 on the back of the vote, with some suggesting it
waters down the chance of a no-deal Brexit, although it would seemingly limit
the gov't space for manoeuvre, both at home & with the EU. Rate subsequently
troughed at $1.2740, before broader USD weakness came back to the fore, as the
usually hawkish 2019 Fed voter Rosengren sounded more cautious, sending the rate
back to session highs, with little reaction observed of the FOMC's Dec meeting
minutes. No real reaction to limited comments from BoE Gov. Carney.
- The $1.2800 level remains a stumbling block for bulls, a close above brings
the Dec 31 high at $1.2815 into view, ahead of the Dec 4 high at $1.2800. Bears
continue to look for a downside break of $1.2600.
- Brexit matters continue to dwarf local data, with UK activity & GDP data for
Nov due Friday.