Cable trades ~70 pips lower at $1.2540........>

CABLE: Cable trades ~70 pips lower at $1.2540 last, after it registered a low of

$1.2441 in a delayed reaction to the broader flash crash, breaching the 2018 low

in the process. This comes after the rate struggled Wednesday, despite a strong

headline UK manufacturing PMI (closer inspection pointed to pre-Brexit

frontloading by firms in the sector).

- Rate unreactive to the latest round of Brexit news. The FT reported that "PM

May will on Thursday launch a round of EU diplomacy as she seeks

"clarifications" to sell her Brexit deal to sceptical MPs." Elsewhere, the

Telegraph reported that "May has been urged to delay the "meaningful vote" on

her Brexit deal for a second time after Government whips failed over Christmas

to persuade enough MPs to back it." With ex-Brexit Sec Davis suggesting the PM

should delay the vote.

- The outlook remains bearish with any break below $1.2441 opening the Apr 11

2017 low at $1.2404. Bulls initially need a close above $1.2700 to improve the

short-term outlook.

- Services PMI, due Friday, provides the focal point of the UK docket this week.