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CABLE: Reaction to the UK Govt's failure to get the timetable for the
implementation of the WAB passed prompted pressure on the pound which took cable
to a low Wednesday of $1.2841. However, traders moved their view on to details
of the expected Brexit extension, as well as noises suggesting the UK Govt was
edging toward calling for a general election. Labour have said they would
support this, if an extension is granted by the EU, although reports this
morning suggest some Labour MP's would still vote against. Polls suggest the
Conservatives would win with a working majority (without the need of the DUP's
support), which if correct would make passage of the WAB easier. This outlook
saw demand emerge for the pound, edged to $1.2922 through the NY session before
it closed around $1.2913. A generally subdued Asian session saw cable
consolidate between $1.2908/28, early buys in Europe able to extend the topside
to $1.2929. Focus to remain on Brexit developments/general election. Sterling
remains a buy on dips.
- A light UK data calendar Thursday. Apart from Brexit focus on EZ PMI's and ECB
Draghi's last meeting.