With Brexit uncertainty remaining,...>

SHORT-STERLING: With Brexit uncertainty remaining, short sterling futures have

been fairly stable over the past few days. The market has become somewhat

desensitised to moves on recent headlines but is primed for a large potential

move if we receive some material new information.

- The H9-H0 spread is close to its narrowest levels, currently at 21bp. However,

a confirmation that the EU's Brexit Summit on Nov 25 is delayed could see this

spread narrow further.

- This spread could also be particularly vulnerable to a move next week as the

BoE present their Brexit scenarios next Thursday to the Treasury Select

Committee.