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Cross extended its corrective.........>

EURO-STERLING
MNI (London)
EURO-STERLING: Cross extended its corrective pullback away from last Friday's
high of Gbp0.8958 to Gbp0.8872 during Tuesday's trade. Rate recovered to
Gbp0.8893 ahead of the NY close Wednesday, the EUR gaining a better lift than
sterling as trade talks between Trump and Juncker produced a more positive
outcome than had been forecast. A slight risk off tone was seen in Asia, some
suggest the tone of the US/EU trade meeting places more emphasis on US/China
trade relations. Cross eased away from its NY recovery high, settled between
Gbp0.8885/90 through the main part of Asian dealing. Support remains at
Wednesday's low of Gbp0.8872 ahead of Gbp0.8866 and Gbp0.8850. The 10-dma comes
through today at Gbp0.8894, and while rate holds below keeps a mild negative
tone in place. Base of the 10-dma 1.0% envelope today at Gbp0.8805, the top has
edged up to Gbp0.8983. Light UK calendar today, attention on the ECB MonPol
announcement today, though most not expecting anything major. 
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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