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Sterling struggled on Monday after a soft.....>

CABLE
CABLE: Sterling struggled on Monday after a soft round of UK output/trade data,
with GBPUSD printing lows of 1.3345 before recovering. The cross encountered
additional headwinds after EU negotiator Barnier left UK Brexit Secretary
somewhat empty hand re: the UK's Brexit backstop plans, at the latest summit
between the two, although reports that UK PM May has placated the Tory Brexit
rebels ahead of this week's voting on the EU withdrawal bill bodes well for
political stability in the short term.
- Cable took a hit in early Asia-Pacific dealing, against a backdrop of broader
USD strength, to retest Monday's lows, bottoming at 1.3346 for the time being,
last 1.3358. The next level of support under yesterday's low can be found at the
initial rally high from Jun 05 (1.3333).
- The UK has a tightly packed docket this week, with labour market data due
today, CPI due Wednesday & retail sales due Thursday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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