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Rate posted a fresh 2018 low Wednesday at.....>

MNI (London)
CABLE: Rate posted a fresh 2018 low Wednesday at $1.3306 before it recovered to
$1.3365. Rate was then pressed back to $1.3320 into FOMC Minutes release then
bounced back to $1.3358 as Fed offered no major surprises(June remains live for
a hike, those looking for 4 hikes this year left disappointed). Asia took
recovery on to $1.3380 as market reacted to a Times report suggesting PM May
will ask the EU for a second Brexit transition period to run until 2023 over
Ireland border concerns. However, JPY demand at the Tokyo open saw supply of
GBP/JPY counter the cable rally which took rate back to $1.3350. Recovery to
$1.3377 into Europe met fresh supply, pullback this time holding just shy of
$1.3350. Domestic interest seen on release of UK Retail Sales at 0830GMT, median
0.9%mm, ex-autos 0.5%mm. BOE Carney seen on the agenda twice today,
0700GMT/1700GMT. BOE MPC rate path seen data dependent. Cable support $1.3337/35
ahead of $1.3310/00. Resistance $1.3380, more into $1.3400.  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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