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CABLE: Sterling has been on the front foot from the off as the latest polls have
shown a continued lead of the Tory party, while PM Johnson has revealed his
party's election manifesto. Cable last seen at $1.2854, 20 pips better off.
- The manifesto portrayed the government as committed to responsible management
of public finances, as earlier promises of wide-ranging tax cuts were replaced
with a pledge to keep the budget in surplus.
- The early uptick has allowed cable to recover slightly after Friday's
sell-off, ignited by underwhelming flash UK PMI data. Manufacturing, services
and composite measures all printed in contractionary territory, with the latter
coming in at the lowest level since July 2016, the month after the Brexit
referendum. Better than exp. data out of the U.S. applied further weight to the
- Bears would be pleased if the rate extended Friday's losses through the Nov 8
low of $1.2769 towards the channel support at $1.2751. Bull look for a break
above the channel ceiling at $1.2968, which would expose the Nov 18 high of