Merkel lightens up on UK but warns US on tariffs

Comments from Merkel

• Calls for detailed and deep trade deal with the UK
• Want a friendly, close relationship with UK after Brexit
• We are prepared, if necessary, to take countermeasures against US tariffs
• We think US tariffs are against the law

For the first year after Brexit, the Germans wanted to punish the UK but they've come around and realized that it would be counter-productive. I think there's room for more gains in cable but nothing is going to get moving until after the Fed and BOE.