Month-end flow saw sterling under pressure....>

CABLE: Month-end flow saw sterling under pressure on two main fronts with Usd

demand widely expected at the fixes along with the 'usual' RHS Eur/Gbp interest.

Risk assets were also seen under pressure with Jpy the main beneficiary which

saw Gbp/Jpy under added pressure. Cable broke support at $1.3765(Feb9 low) in NY

which left the rate vulnerable into Asia. Early sales extended slippage to

$1.3743 before tentative demand emerged which lifted it back toward that broken

support level. Europe provided the added demand to lift rate on to $1.3771 but

struggled to get upside momentum to escape velocity leaving it to languish

around $1.3760. Eur/Gbp remains buoyant, rate often sees an overhand of end

month interest into the next month with rate able to edge to Gbp0.8875, having

been capped in Asia around Gbp0.8870. EU presentation of its Brexit withdrawl

treaty Wednesday also added to pressure on the pound but PM May to meet EU

Official Tusk Thursday, ahead of of her Brexit speech Friday, will hopefully

present a better picture for the UK. UK Mfg PMI due at 0930GMT, market median

55.0, though most attention set on next week's release of Services PMI and its

effect for Q1 GDP.