Risk-on rally continued through Tuesday and...>

CABLE: Risk-on rally continued through Tuesday and allowed cable to extend its

recovery. Rate met initial resistance into the $1.2265/70 area ahead of the

European close, with NY taking advantage of thinner markets post close to push

rate through, with triggered stops providing the momentum to take rate on to

$1.2296. Momentum quickly faded and rate reversed back to $1.2235 before closing

around $1.2253. Early Asia touched a low of $1.2242 before risk appetite again

emerged, overlooking some scepticism regarding Moderna's vaccine, which had been

a part of Tuesday's risk drive, which took rate back up to $1.2276 before it

settled back between $1.2259/66 into Europe. 

- Early attention on UK CPI at 0700BST. Market median -0.1%mm, 0.9%yy; Core

1.4%yy.

- BOE Broadbent(neutral), Bailey(dovish) and Cunliffe(dovish)appear in front of

a Treasury Committee to outline economic effects of COVID-19. More talk of

negative rates?

- Cable support $1.2244/35, $1.2220, $1.2200, $1.2184. Resistance $1.2276,

$1.2295/1.2300.