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CABLE
MNI (London)
CABLE: USD gains from the release of US NFP data, alongside reports that the
Conservative-Labour Brexit talks were not going well, acted to weigh on sterling
Friday, took cable to a low of $1.2987 but managed to recover after Europe to
$1.3039 into the close of the week's trading. Consolidation in early Asia saw
rate cling to a very tight range around $1.3036 before gaining a lift to $1.3072
on general USD weakness. Rate eased off to $1.3060 in early European dealing.
Not much news wise from the Sunday press apart from reports that talks will
progress between PM May and Labour Corbyn. Warnings from Brexiteers about
entering a customs union with the EU but some see this as a step to gain some
kind of agreement to go forward which could lead to MV3 and/or more indicative
votes. EU summit on Brexit due Wednesday with PM May expected to ask for an
extension to Jun30. If granted would mean UK taking part in European elections
which will displease rebels within PM May's party. Brexit headlines remain the
key market driver.
- Cable support $1.3030/20, $1.3000, $1.2987-78. Resistance $1.3070/80, $1.3100,
$1.3120/25. 
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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