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CABLE
MNI (London)
CABLE: Touched a low of $1.3014 Tuesday with cable continuing to provide the
barometer for Brexit progress, any move that brings no-deal to the forefront
weighing on the pound, toward a softer Brexit lifts the pound. Reports that PM
May's cabinet meeting yesterday resulted in the PM looking for cross party talks
with the leader of the opposition Corbyn, which has annoyed hard Brexit members
of her Govt as it is seen nudging the UK toward a softer Brexit (opens prospect
of a customs union). PM May is hoping to find an agreement ahead of the European
Council's Brexit summit on Apr10, looking for an extension to May22 and to leave
ahead of European elections. Cable recovered to a high of $1.3149, closed
Tuesday around $1.3130. Corrective pullback extended into Asia to $1.3122 before
rate edged back to $1.3146 with upbeat tone remaining into Europe. Early Europe
buyers nudged rate on to $1.3153, currently around $1.3145. Resistance seen into
$1.3160, a break to expose $1.3200. Support $1.3120 ahead of $1.3100,
$1.3085/80.
- UK key Services PMI at 0830GMT, median 50.9 vs last 51.3. Composite PMI
released at same time. Brexit headlines to overshadow.     
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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