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CABLE: Roller coaster ride for sterling in late NY trade as markets watched the
Withdrawl Bill(WB) voting in the UK Parliament. The passing of the Withdrawl
Bill took cable to a fresh intraday high of $1.3000 only to drop back to $1.2862
as the timetable was rejected, basically not leaving enough time for the WB to
be passed by Oct31. UK Govt will reluctantly ask for an extension, EU Tusk
saying that he would recommend this. Developments will be watched. Threat of a
no-deal exit and/or a general election emerge if amendments significantly change
the Bill. Cable recovered to $1.2904 before closing at $1.2872. US Trump
positive comments on the Turkey/Syria situation boosted early risk outlook and
allowed cable to edge to $1.2900 in early Asia only for Tokyo's return to
counter this early outlook. Risk aversion saw movement into safe havens and
pressed cable to $1.2841. Rate had recovered toward $1.2870 into Europe, picked
up further demand into the new session which lifted it on to $1.2879.
- A light data calendar in the UK. Weekly questions to the PM at 1100GMT in
- Support $1.2841/40, $1.2820. Resistance $1.2900/05, $1.2920, $1.2940-50.