Reports from the Times have suggested that....>

CABLE: Reports from the Times have suggested that UK PM May has won over the

cabinet, and will attend next week's Tory party conference with a mandate to

sell her Chequers plan to the party. This is in stark contrast to weekend

reports from the Telegraph which suggested that a majority of the cabinet wanted

May to push for a Canada+ type deal. Brexit Sec Raab & a spokesperson of PM

May's had already played down the idea of a Canada+ type deal on Monday, with

Raab stressing that he will be pursuing a negotiated deal with the EU.

- GBP/USD last deals at ~$1.3105, 15 pips softer on the day. This comes after

GBP was the firmest of the majors on Monday, aided by M&A flows, although cable

failed to close above the 50% retracement of Friday's price action ($1.3166).

- Bulls need a push back above the 100-DMA ($1.3152) & $1.3200 before targeting

the 38.2% retracement level of the 2018 range ($1.3317). A break below

yesterday's low ($1.3056) would return the focus to the downside targeting a

return to the September 05 low ($1.2982).

- BoE's Vlieghe is due to speak later today, with BoE's Carney, Ramsden &

Haldane due up over the coming days.