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GBP was, by a distance, the poorest...........>

FOREX
FOREX: GBP was, by a distance, the poorest performer in G10FX Monday, as markets
took out their frustration with PM May's 'deferral' of a meaningful vote on
Brexit out on the pound, which fell to fresh cycle lows against both the EUR and
USD. GBP/USD bottomed out just ahead of the $1.25 handle having slipped through
numerous key support levels, opening up the pair to further downside pressure
ahead of Christmas. The next steps for the government are to secure concessions
from the EU before scheduling another meaningful vote which could take place as
late as January. GBP volatility clearly here to stay as May faces fierce
opposition from both sides of the House.
-The wave of risk-selling wasn't limited to GBP, however, with EUR, US equities
and high beta FX also suffering. This helped underpin the CHF and JPY throughout
US hours.
-UK jobs data, German ZEW and US & Japanese PPI data crosses Tuesday. The
speaker slate is light with the Fed entering the blackout period, with only
ECB's de Guindos on the docket.

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