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Release Friday of strong UK Retail Sales......>

CABLE
MNI (London)
CABLE: Release Friday of strong UK Retail Sales provided sterling with a
recovery boost, allowed cable to edge to $1.2898 late NY, as it extended the
correction away from Thursday's low of $1.2773. US Trump comments on UK/US
trade, will be "very substantially increased" after Brexit, provided the pound a
further boost in early Asia, took rate on to $1.2936 before it drifted off to
$1.2900 in early Tokyo. However, Sino-US trade optimism provided a risk-on tone
in main Asia trade which lifted cable back to $1.2920, then settled into Europe
around $1.2910. Minor resistance $1.2920 ahead of $1.2936. A break of $1.2940 to
expose the Feb13 high of $1.2958. Support $1.2900 ahead of $1.2850.
- UK PM May called upon Tory MPs to unite over Brexit at the weekend, in an
attempt to strengthen her bargaining position before she meets with EU leaders
for further talks re: Brexit deal.
- France denied President Macron has softened his stance re: Brexit in order to
break current deadlock in negotiations with UK.
- UK focus this week include domestic labour mkt data due Tuesday, any fresh
developments re: Brexit.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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