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Curve Twist Steepens, Futures Narrow

US EURODLR FUTURES

EDU2/Z2/H3 Fly Given

US TSY OPTIONS

TYF2 132.00 Calls Still Being Lifted

CABLE
CABLE: Sterling extended its corrective pullback in the aftermath of yesterday's
parliamentary Brexit votes. Cable dropped to initially to $1.3057, from a pre
amendment vote high of $1.3169(Jan29 high $1.3200) as the House of Commons
rejected the Cooper amendment, which proposed an extension of art. 50 to the end
of 2019 if PM May failed to secure a deal with Brussels by late Feb; a brief
jump to $1.3120 as the Brady amendment passed before rate sank to $1.3057,
closed around $1.3070. Lawmakers voted in favour of the Brady amendment,
replacing the Irish backstop with "alternative arrangements"(no details) & the
Spelman amendment, which states that the UK will not leave the EU without a
deal(advisory, not binding). PM May is expected to have a hard time trying to
sell the amended deal to the EU after Brussels reiterated that the current deal
is not open for renegotiation. However, EU has been asking for what the UK
wants, and PM May still has the No-Deal negotiating threat although this
situation has little parliamentary support, so ball now seen in the EU's court.
Cable recovered slowly through Asia but met resistance into $1.3100(high
$1.3099). Support $1.3062/57.