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CABLE: Touched an extended low of $1.2506 in early NY Tuesday before rate
bounced back to $1.2565 as markets reacted to ex Brexit Minister Raab voted out
of contention for next Conservative Party leader. Raab was seen as the most
firmly in favour of leaving by Oct 31 with no-deal. Rate settled back between
$1.2555-60 into the close. US Trump comments in late NY that formal trade talks
with China to resume Wednesday provided risk with an early lift in Asia, though
this was tempered by added remarks that 'will have a fair deal with China or no
deal at all', the initial comment lifted cable to $1.2570 before it drifted back
to $1.2555-60 through to the European open. Little reaction to last night's
Conservative leadership contenders debate, no firm Brexit policy forthcoming.
Focus this morning to be on UK Inflation data at 0830GMT, market median 2.0% yy,
Core 1.6%yy, though US FOMC later to overshadow markets.
- Cable support $1.2550, $1.2510/00. Resistance $1.2570, $1.2600.