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FOREX: Flextension confirmed
-After a subdued Asia-Pac session, price action picked up across the European
morning as GBP held a modest bidtone on expectations that a Brexit extension
agreement would be struck today by the EU27. The EU President Donald Tusk then
duly confirmed the 'flextension' until Jan 31 2020, giving the UK government the
option to seal a Brexit deal and leave the EU earlier than the end of January
next year. GBP/USD remains higher at the NY crossover, but the pair was unable
to sustain gains above $1.2850.
-China's confirmation that the 'phase one' deal has been largely completed
helped support risk somewhat, resulting in a firmer AUD in early trade (although
this sentiment failed to translate into a firmer CNH).
-The global data & event docket is thin today, with just US wholesale
inventories and comments from BoE's Tenreyro. Outgoing ECB Pres Draghi will make
a valedictory speech. The UK House of Commons could vote as soon as today to
confirm a pre-Christmas General Election.