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It has been a fairly limited session for......>

FOREX: It has been a fairly limited session for the FX space with Japan, China &
South Korea observing market holidays, sucking liquidity out of the Asia-Pac
time zone.
- AUD & NZD have come under some modest pressure on the back of weekend
headlines from the WSJ which noted that China has cancelled the planned trade
talks with the U.S. amid escalation of tariff threats.
- Elsewhere GBP shrugged off the latest round of Brexit headlines after PM May's
hard line against the EU weighed on GBP on Friday. Brexit Sec Raab maintained
the rhetoric over the weekend, while Telegraph reports suggested that a majority
of PM May's Cabinet now back a Canada-style trade deal. Other weekend highlights
include a Times story suggesting that May's aides have been contingency planning
for a November snap election to save Brexit talks & the PM's future. GBP/USD
posted a bearish reversal on Friday, as the 100-DMA gave way, allowing bears to
target $1.3000. Bulls need a break back above $1.3200 to turn the technical
outlook back in their favour. Rate last $1.3075.
- German IFO & an address from ECB President Draghi headline the docket today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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