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100-DMA Under Attack

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FOREX
MNI (London)
FOREX: Aud lifted in local time by release of stronger than forecast Retail
Sales (0.5%mm vs forecast 0.3%), the buoyant tone remaining as the RBA kept
rates unchanged as widely expected, slight optimism noted on wage growth
outlook. Hawkish headline comments from RBNZ acting governor Spencer boosted
NZ$. Sterling consolidated Monday's moves in Asia, having been lifted earlier
yesterday by expectations that progress was being made in the Brexit
negotiations only to be thwarted by the governing Conservative's coalition
partner DUP as they voiced concerns concerning Northern Ireland's position post
Brexit. However, fresh sterling sales hit a very thin market which eventually
took cable to an extended low of $1.3371, as Eur/Gbp was hoisted to Gbp0.8868.
Brexit headlines were cited for main moves. Sterling deid manage to claw back
some lost ground late morning as PM May expected to meet DUP, reportedly
clearing her diary for another appearance in  Brussels Wednesday. Pressure moved
from sterling and onto the Eur as this rate was pressed down to $1.1842 though
was holding off worst level late morning. Release of Services PMI data in EZ and
UK provided little market reaction. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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