FX Update: The Dollar has traded broadly softer
FX Update: The Dollar has traded broadly softer, extending a them that has evolved over the last couple of days. Sterling has settled at moderately higher levels after rallying during the New York PM session on news that the UK government's Cabinet approved the Brexit plan, though the odds for the plan passing in parliament look to be limited, with Eurosceptic members in both Conservative and Labour parties, along Northern Ireland's DUP and a good chunk of Europhile members of parliament, set to vote against the "worst of both worlds" plan. High political drama is likely over the coming weeks, with the odds looking reasonable for there being another referendum, if not a general election. Cable has settled near 1.3000 after peaking at 1.3072 yesterday. EUR-USD, meanwhile, has lifted to high of 1.1347, which by our data is 1 pip shy of yesterday's six-day peak. AUD-USD clocked a one-week high at 0.7283, while USD-JPY has held a narrow range around 113.50-70, while AUD-JPY rallied to one-week highs. The Aussie Dollar was underpinned by above-forecast Australian employment data, while a backdrop of mostly firmer stock markets in Asia, and a rise in U.S. equity index futures, were also a bullish lead for the relatively higher beta antipodean currency.