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STERLING: No Brexit news is clearly good news for GBP at present, with GBP/USD
benefiting from month-end flows and spot's break back above the 200- and
100-dmas at 1.2960 and 1.2973 respectively as well as the down trendline drawn
from the mid-March highs. This brings the rate into close proximity with the
50-dma at 1.3106.
-Options markets are clearly taking their cue from spot at present, with GBP/USD
1m risk reversals nudging up to their best level since mid-January and staging a
pronounced recovery from the No Deal Brexit lows printed in late March. This
move has pretty much entirely erased the bias of put vol over calls in GBP/USD
and that's reflected in the preference for upside exposure in GBP/USD options
trades crossing the DTCC today. Larger trades include a $249mln one-month
1.3125/1.3325 call spread expiring at end-May, a position that breaks even at
-Focus turns to the Bank of England rate decision and inflation report due on
Thursday as well as construction PMI for April.