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CABLE: Failure early Thursday to extend recent gains above $1.3100 saw rate ease
through the rest of the day to a low of $1.3012 before it recovered to $1.3065
into the close. EUR/GBP was again seen as a main driver of sterling gains as the
pound took full advantage of the EUR's downturn following the change in
language, regarding EZ growth in ECB Draghi's press conference. EUR/GBP extended
recent losses to Gbp0.8652 in late NY. Sterling gained a further boost in Asia
on a press report suggesting the DUP could change stance to support PM May's
Brexit plan B, though wants a revised backstop. Cable spiked through $1.3100 to
$1.3129, eventually edged on to $1.3139 as other news outlets picked up the
story. Though a move like this by the DUP would be seen as positive it could in
turn negate calls for a second referendum (which some see as a stronger positive
for sterling). Early Europe greeted the Asian rally, sold back into the rise to
squeeze out weaker spec longs as rate made a brief show back under $1.3100. Rate
currently trades around $1.3107. UK Housing Loans at 0930GMT and CBI Reported
Sales provide domestic data interest this morning. US data could be postponed
due to Govt shutdown.