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Reporting on key macro data at the time of release.
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CABLE: GBP/USD remains bid as the greenback continues to trade on a softer
footing, in the wake of yesterday's turnaround in risk appetite. Cable last
trades at $1.2635, 30 pips above neutral levels.
- Brexit matters are in focus, as the UK & EU are trying to give bilateral trade
talks a "new momentum". UK PM Johnson spoke with top EU off'ls yesterday and
source reports suggested that both sides showed determination to reach an
accord. PM Johnson noted that it could be sealed as soon as in July.
- A break above Jun 12 high of $1.2654 would allow bulls to take aim at Jun 11
high of $1.2755, followed by the peak of Jun 10 at $1.2813. Bears need a dip
through the 50-EMA/Monday's low at $1.2469/55 before looking to take out Jun 1
low of $1.2322.
- UK labour market data is due in the London morning, inflation data comes out
on Thursday and retail sales will be released on Friday. Elsewhere, the BoE
delivers its monetary policy decision on Thursday, while MPC members Broadbent &
Tenreyro appear on a virtual panel on that same day.