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CABLE: The draft Brexit text agreed by UK PM May & EU's Juncker Thurs outlined a
close relationship on econ partnership securing no tariffs, fees or charges on
international trade & 'ambitious' customs arrangements that builds on the
'single customs area'. The announcement sent GBP higher in the London morning.
GBP garnered a fresh bid as newswires confirmed that the EU & UK stated their
'determination' to replace the backstop, with the parties committing to 'deep'
customs co-operation. Cable hit a session high of $1.2927, before closing around
$1.2875, where we trade last. The draft still faces opposition from Conservative
Brexiteers, the Labour Party & the DUP, as well as from France & Spain.
- Late Thurs BoE hawk Saunders warned that capacity pressures are building in
the UK economy & rate hikes to return policy to a neutral stance may come faster
than mkts exp (assuming a smooth Brexit). GBP was unmoved as Saunders spoke.
- Focus returns to the Nov 15 low & up trendline support from the Aug lows at
$1.2724/06. Bulls need GBP/USD to hold sustainably above $1.2911 before $1.2977
& the 100/50 DMAs come into play.
- Focus now moves to the EU summit Sunday.