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Month-End Fix Surprise

CABLE
MNI (London)

Cable was seen bid at nearly all the hourly fixes through the day with speculative market expecting to carry through to the main 1600BST fix and were positioned long for the event, taking rate to an extended high of $1.3170. However, USD demand overwhelmed any USD sell interest, with USD/JPY (expected to see the strongest USD sales) extending its recovery, whilst cable dropped back to $1.3081 before meeting willing buyers into the dip. Recovery effort has met resistance at $1.3115 (38.2% $1.3170-1.3079) in post Europe trade. A move above expected to meet mild resistance at $1.3126-36(50%-61.8%) ahead of $1.3149(76.4%).

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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