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Early Equity Gains Fade A Few Minutes Out From the Open

CROSS ASSET
  • Early equity gains hitting reverse 20 minutes out from the opening bell, with the -mini S&P opening a 15 point gap with the daily highs printed alongside the daily highs of 4493.50.
  • The fade off highs for equities allows the Greenback to recover slightly off lows, but GBP/USD remains within range of the new daily highs at typing. GBP/USD's gains through 1.2537 open 1.2588 for direction ahead of 1.2656, the 100-dma, a level that could come into play on a firm wages print from the UK tomorrow - currently expected at 8.2% and 7.8% ex-bonus (See the MNI preview here: https://roar-assets-auto.rbl.ms/files/55668/UK_Lab... )
  • Activity across currencies has generally faring ahead of average, with cumulative GBP futures volumes around 15% ahead of what you'd expect to see at this time of day.

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