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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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###POV: FURTHER PRICING OUT 'NO DEAL': In the....>

UK
UK: ###POV: FURTHER PRICING OUT 'NO DEAL': In the wake of headlines that Brexit
would likely be delayed by PM May`s government, we saw markets Tuesday further
pricing out 'no deal', and options traders eyeing downside in Short Sterling.
- This included a buyer of 20k L U9 (Sep19) 99.00/98.875/98.75 put fly for 2. 
- Market source commented: "Someone is clearly looking for some sort of a Brexit
resolution in the near future, that potentially opens the door for a rate hike
later this year.....spent Stg500,000 in premium for the pleasure".
- Delaying the EU departure date may merely be kicking the can down the road,
and BOE may well remain paralysed as it waits for Brexit clarity.
- But low implied option vols probably not hurting the case for protection vs
rate hikes. 
- Notably this comes as GBP hit best levels vs USD since Oct 2018 and EUR since
May 2017, suggesting that sideways UK markets are finally thawing.
- 'No Deal' probability at just 14% on Betfair, around contract low.
- MNI PINCH currently attributes 39.8% probability of a 25bps hike at the BOE
December meeting, down from 53.3% in November but up from 27.4% a week ago.
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