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CABLE: Corrective pullback away from the year-end high of $1.3284 extended
through Friday to a low of $1.3054 into the NY open. Risk outlook took a hit
from the earlier reports that the US had targeted and killed an Iranian
commander in Baghdad, prompting a move into safe haven currencies including the
USD. However, US markets reversed this USD move, and with release of
disappointing US Mfg ISM data, took rate back to $1.3110 before it settled
around $1.3080 into the close. Early Asia probed back above $1.31, touched a
high of $1.3108 before it settled between $1.3066/91 through the balance of Asia
and remains contained in early Europe. Attention today on release of UK Final
Services PMI data at 0930GMT, though the new flash release of this data has
taken some of its sting away. However, any move away from its flash release of
49.0 (some expectation for a slightly better number, median 49.1) could have
- Support $1.3066, $1.3055/50, $1.3035/30. Resistance $1.3108/16, a move above
$1.3120 to expose $1.3150/60.