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CABLE
MNI (London)
CABLE: Sterling continued to trade with a softer feel through European morning
trade Thursday, cable touched a fresh YTD low of $1.2849 before it recovered to
$1.2889 through NY ahead of its $1.2884 close. Release of stronger than forecast
UK inflation data(Wed) and Retail Sales(Thu) did little to counter the pressure
from risk related flows, JPY taking the main brunt of this on COVID-19
contagion. Focus today turns to the release of flash PMI data at 0930GMT. Market
interested to see if the post election confidence boost has been maintained
(market medians Mfg 49.7 vs 50.0 last; Svcs 53.4 vs 53.9 last). UK Borrowing
data also released at same time. BOE Tenreyro(dovish) speaks at 1830GMT in NY.
- Support $1.2850/49, $1.2835/25, $1.2700. Resistance $1.2900, $1.2925/30,
$1.2950. 
- COVID-19 developments and its effect on risk remain a key driver.      
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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