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GBP was defensive at the NY crossover on......>

FOREX: GBP was defensive at the NY crossover on Wednesday, pressuring GBP/USD to
fresh 11-month lows of $1.2854. Recovery efforts held shallow with bears now
looking toward trendline support at $1.2846. EUR/GBP breached GBP0.9000,
accelerating to GBP0.9017 before stalling ahead of ascending channel resistance.
- USD/CAD continued its bullish reversal pattern following yesterday's strong
rebound from the 100-DMA. FT reports that Saudi Arabia are said to sell of their
Canadian assets further pressured the loonie to C$1.3120, before staging an
impressive recovery to C$1.3007 on realisation that the absolute impact maybe
quite limited, last C$1.3020.
- JPY outperformed with gains of 0.41% against the USD, crossing below Y111.00,
after China tabled tit-for-tat 25% tariffs on $16bn worth of U.S. goods. Focus
turns to the 55-DMA at Y110.85 for confirmation of the downtrend.
- NZD has taken a hit on the back of a dovish statement from the RBNZ as it left
the OCR unch. at 1.75% as exp., Gov. Orr's press conference ongoing, NZD/USD
support noted around $0.6700, NZ$1.1100 has capped AUD/NZD thus far.
- Focus on Fed's Evans on Thursday, with no tier 1 data due.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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