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CABLE: Cable/Sterling got a minor knee jerk react higher as PM May won the Govt
no-confidence vote last night (as expected) but cable continued to find
difficulty in breaking back above $1.2900, touched $1.2898 before it closed
around $1.2880. Suggestions of decent resistance place ahead of the figure seems
to be playing out. Consolidation in Asia as rate touched an early high in Asia
of $1.2891 before it drifted off to $1.2865 then settled around $1.2870 into
Europe. A slow start but risk given some boost as wire reports that China VP Liu
to attend trade talks in US (suggested delays in US trade talks had provided a
slight risk off tone in Asia earlier) edged cable back above $1.2880 but
momentum quickly fades.
- PM May proceeded to cross-party talks on the Brexit deal, but Labour Party's
Corbyn refused to attend until the prospect of "no deal" is formally removed.
- UK econ data this week include retail sales Friday, although Brexit matters
are set to continue to dominate.
- Cable support $1.2865 ahead of $1.2845/40. Resistance into $1.2900,