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Needle Still Points South


Yields Bounce as Equities Make New Monthly Highs


Heading North


Bull Rally Accelerates


Economists Survey Raises 2021 CPI Forecast To 4.9%

CABLE: Consolidation largely remained the theme overnight in Asia. News that
Democrat Jones had defeated Republican Moore in Alabama's Senate election caused
a brief bout of dollar weakness to $1.3334, before fading. Fresh sterling demand
in early Europe did manage to grind out highs of $1.3336 but again lacked follow
through. Hourly resistance is located at $1.3370, a break here opens $1.3380
(Dec12 high UK CPI react).
* Main event risk on the calendar today from the UK Labour Market Survey at
0930GMT. The UK unemployment rate held steady at its 42-year low of 4.3% in the
three months to September but single month outturns of 4.2% in both August and
September means a drop in the headline rate may on the cards in the October.
* The UK labour market remains tight and over the year has the number of those
in employment grow, though of late this trend has been a little more subdued
(there was -14k drop in the 3m to September).
* At 1200GMT UK Prime Minister Theresa May will face a weekly round of PMQ's.