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CABLE
MNI (London)
CABLE: Failure to get PM May's MV2.5 through Parliament on Friday, countered
early hopes for its passage after several hard Brexit supporters were seen
moving into line, saw cable extend recent lows to $1.2978, holding just shy of
its 200-dma at $1.2976 (currently at $1.2975). Rate recovered to $1.3047 through
the month end fix before it eased to $1.2990. However, buyers moved into this
dip and edged rate to $1.3034 at the close. Sterling struggled to take advantage
of the China PMI sparked risk appetite in early Asia, the rate only managed to
edge to $1.3048 with traders holding off on Sunday press reports full of reports
suggesting a snap election could be called(suggested leaked scare mongering).
Rate drifted off to $1.3010 after the Tokyo open. Risk appetite gained a second
wind and this time allowed cable to edge to$1.3067 into Europe. A second set of
indicative voting due in Parliament today. No-deal remains on the table but
comments from the Chief Whip suggests outcome more likely to move toward a soft
Brexit. Still a chance PM May will try one more time to get her Bill through
this week(Tuesday?). Brexit headlines remain key. UK Mfg PMI 0830GMT/0930BST,
median 51.3(52.0 last).
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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