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CABLE: Closed last week at $1.3064 with sterling on the back foot into the
weekend following dovish comments from BOE Carney and Tenreyro. This dovish tone
was added to by MPC member Vlieghe after he told the FT(comments published
Sunday) that he is set to back an interest-rate cut at the upcoming meeting (Jan
30), should he see no signs that the economy is picking up after the general
election. He noted that this month's data may "swing [his call] one way or the
other." Cable was marked down to $1.3020 in opening trade though react dip was
met by willing buyers (possibly taking profit on the expected move) that took it
back to $1.3045. Rate settled between $1.3030/40 before it came under fresh
downside pressure into Europe. Rate pressured to an extended low of $1.3016
though so far holds off a retest of Thursday's low of $1.3013. Break here to
expose stronger support into $1.3000, a break to expose $1.2980/70 ahead of
$1.2950. Resistance $1.3045/50.
- Recent BOE MPC comments put more focus on UK data. For today UK IP/MFG, Trade,
Construction Output, GDP and Index of Services due at 0930GMT.