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CABLE: Perception UK has moved away from a Hard-Brexit continues to keep
sterling buoyed. The Sun reported that PM May "has privately told Cabinet mins
that she will not take the UK out of the EU without a deal," but "she is not yet
prepared to rule out no deal in public because it would remove a key bargaining
chip in negotiations with the EU." However, the Irish gov't stressed it will not
yield on the backstop clause, while the Commons are set to proceed with key
Brexit votes this week, with a focus on amendments to UK PM May's deal. Cable
managed to extend its recent recovery to a high of $1.3217 ahead of the weekly
close, with some beginning to eye the 50-WMA as the next hurdle to upside
progress($1.3226). Rate posted an early Asian low of $1.3173 before it jumped up
to $1.3212 as Tokyo entered the market. However, momentum quickly faded and rate
eased to $1.3191. A brief edge back to $1.3206 before rate resumed its slow
corrective pullback to $1.3176 into Europe. Support $1.3170, $1.3150. Resistance
- UK focus this week on aforementioned Brexit votes in the Commons, BoE Carney,
Broadbent & Ramsden speak today. Mfg PMI Friday