WEEKLY UPDATE: It has been a busy....>

SHORT-STERLING: WEEKLY UPDATE: It has been a busy week for Short Sterling, which

is masked by the total change on the week.

- The Short Sterling curve has flattened compared to last week. Whites are

largely unchanged, Reds 0.5-1.5 ticks higher, Greens 2-3.5 ticks higher and

Blues are 3-4 ticks higher. However, this masks some moves which have seen

individual contracts move move than 10 ticks between their highs and lows.

- The announcement that Theresa May had "deferred" parliament's vote on the

Brexit deal saw Short Sterling sharply rally on Monday. This was followed up on

Wednesday with the announcement that enough Conservative MPs had submitted

letters to trigger a no confidence vote in May. However, by the end of Wednesday

Short-Sterling had retraced a lot of its gains as the market priced in a win for

May and expectations rose that a "no deal" exit from the EU would be avoided.

May announced she would step down before the 2022 election and won the vote,

helping push Short Sterling close to the close of the previous week before a

risk-off tone saw the longer-end of the strip move higher on Friday.