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Cross saw a sharp move back from......>

EURO-STERLING
MNI (London)
EURO-STERLING: Cross saw a sharp move back from Thursday's high of Gbp0.8778 to
Gbp0.8738 as market reacted to the release of stronger than forecast UK Retail
Sales data. However, sterling strength quickly faded and rate edged back up to
Gbp0.8770 before settling around Gbp0.8760 into the close. Cross consolidated
between Gbp0.8756/65 in Asia, holding a tight range around its oft mentioned
10-dma(current Gbp0.8761). Rate currently seen within its cloud of Gbp0.8721-95
with the wider 1.0% envelope, drawn around that 10-dma, coming in at
Gbp0.8673-0.8849. USD plays continue as the main focus but month-end next week
approaching. Long weekend in both UK and US may prompt some position
adjustments. 
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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