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MNI (London)
CABLE: Reports suggest month-end fix interest in cable was for decent size, the
demand providing the main drive in the rate as it extended its recent recovery
to $1.2394 ahead of the fix. Sell interest began to emerge into 1600BST and as
demand faded so rate dropped away to $1.2292, holding just shy of its earlier
low of $1.2291. Some demand encountered below the figure which has allowed it to
nudge back above $1.2300. EUR/GBP, which made the eventual break above
resistance at Gbp0.9000 saw rate push up to Gbp0.9054, the momentum fading as it
popped outside of the topside of its 1.0% 10-dma envelope (by time was at
Gbp0.9050) before dropping back to Gbp0.8980 as sterling strengthened ahead of
the fix. Post fix the cross edged back to Gbp0.9027, the pullback currently
holding above Gbp0.9000 as we head toward the weekend. Next week brings a new
round of Brexit negotiations through the week, and with both sides playing hard
ball is difficult to expect any positives. Monday release of the final Mfg PMI,
flash data surprising across the set with better than expected numbers. Svcs PMI
released Wednesday. Now that the month-end fix has passed attention will be back
on BOE and negative rates, Brexit.    
MNI London Bureau | +44 203-586-2231 |