Regarding Brexit, Scotiabank write "our.......>

CABLE: Regarding Brexit, Scotiabank write "our guess from here is that

parliament rejects a no-deal Brexit and supports an extension Thursday. If the

EU agrees, that extension might run until June or July but perhaps no more. Hard

Brexit risks have diminished further-for now-but the way out of this morass is

no clearer. There is simply no majority in parliament for anything at this

point. We still rather think that a new election might well be the end result of

this logjam. So what does that mean for the GBP? More range trading in the short

run; a no-deal Brexit is less likely outcome at this stage but it remains

possible absent an agreement. That should mean downside risks are limited for

now (to perhaps $1.28/1.29, depending on the broader USD trend). An extension

will be seen as a positive-but this situation is highly frustrating for UK

businesses and even a short extension will keep the UK economy in slow growth

mode as businesses await clarity. We think upside risks for the GBP are limited

to $1.3150 or so ahead of tomorrow's debate but an extension might trigger a

minor relief rally (to no more than $1.33 or so)."