Positive Brexit noises from the EU............>

CABLE: Positive Brexit noises from the EU Wednesday, along with a generally

softer USD, allowed cable to push up to a high of $1.3109, this despite

political musical chairs in the UK Parliament. Rate was trimming gains just

ahead of the release of FOMC Minutes, the less dovish than expected, some

suggest slightly hawkish release provided the USD with a general boost and

allowed for a move down to $1.3038. Recovery to the $1.3050 area into the close

with early Asia able to nudge it on to $1.3063 before it was dropped back to

$1.3028. Recovery efforts met resistance above $1.3050 before it dropped to

$1.3027. 

- Brexit remains the key driver for sterling. May travelled to Brussels for

talks with EU's Juncker. Both sides pledged further attempts to break the

current deadlock, but little new was offered. BBG reported that "an agreement is

being worked on behind the scenes, but the EU is reluctant to offer concessions

until it knows they will be enough to swing lawmakers behind the deal." Fitch

has put the UK's credit rating on a formal downgrade warning, pointing to the

"heightened uncertainty" related to Brexit.