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Citi Wealth Insights

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A correction to yesterday’s piece - PM May has not announced her resignation but could announce her departure timetable tonight

Cable’s plunge to the mid 1.2650s this week appears to in anticipation of PM May’s departure plans that could be announced as early as tonight (according to press reports).
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Sterling drops as PM May resigns

Cable’s move lower to the 1.2660 area overnight comes in anticipation of PM May’s resignation announced this morning as her ‘new Brexit deal’ angers all sides of parliament.
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Sterling’s gains short lived on PM May’s "bold offer" on Withdrawal Bill

PM May’s 10-point “bold offer” on her new Brexit initiative includes.......
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Japan Q1 GDP headline much stronger than expected but return of Huawei risk adds to negative risk tone

Despite the surprise stronger preliminary Japan Q1 real GDP print on Monday, risk sentiment is lower to start the week with equity weakness picking up momentum in the last few hours in the NY session overnight.
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Fed and ECB speak not showing much enthusiasm for policy easing anytime soon

Fed speak shows little enthusiasm for “insurance” rate cuts......
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Competing narratives leaves sentiment mixed overnight

Risk sentiment is supported overnight from Trump’s comments earlier in the week when he says, “he feels China talks will be successful”.
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