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CABLE
CABLE: Cable slightly on the back foot, last trades 12 pips lower at $1.2289
amid cooling enthusiasm re: potential for an UK-EU compromise.
- Cable sold off in early London afternoon Tuesday as Brexit uncertainty failed
to dissipate. Potential impact of a beat in UK m'fing PMI was countered by weak
breakdown data. That said, the rate surged thereafter as BBG reported that the
EU have discussed extended an olive branch to PM Johnson by offering to
time-limit the Irish backstop. Yet, cable then dipped again as a Buzzfeed editor
cited an EU Commission source as saying that the aforesaid solution is not on
the table. A modest pullback late doors allowed cable to finish slightly higher.
- PM Johnson will send his Brexit plan to the EU on Weds. The Telegraph obtained
the proposal, reports that it involves keeping NI partly in the EU until 2025
with customs checks between NI & Ireland. Defying Johnson's "my deal or no deal"
threat, Ireland's Foreign & Europe Mins deemed the plan unacceptable.
- Bears eye the 50-DMA at $1.2255; bulls target Monday's high of $1.2346.
- UK construction PMI hits on Wednesday, with its services and composite
counterparts due on Thursday. BoE's Tenreyro speaks on Thursday.

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