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CABLE: GBP was the top major performer for a second straight session Tues,
extending its recovery. Still, Tuesday's GBP/USD high was ~100 pips shy of the
best levels of last week, showing the pair still has further to go to repair the
short-term picture. Reports suggesting UK PM May holds the support of her
Cabinet re: her Chequers plan, was enough to prompt further dip-buying. May
continued to stress that no Brexit deal was a better outcome than a Canada style
deal & that there will not be a second Brexit referendum.
- Elsewhere RTRS released a story centring on an EU document seen by themselves.
The article noted that the EU is ready to offer UK PM May a free-trade area
post-Brexit, but, contrary to her Chequers plan, stresses that there must be a
customs border that will make trade less than "frictionless."
- GBP/USD last deals at $1.3175. The close above the 100-DMA ($1.3145) adds to
the bullish case, and they now target $1.3200.
- BoE's Carney & Haldane will speak on Thursday, with BoE's Ramsden set to speak
Friday. This comes after BoE's Vlieghe said Tuesday that the unwinding of QE
could be achieved without impacting either the yield curve or the real economy.