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Personal income/spending to show extent of....>

FOREX
FOREX: Personal income/spending to show extent of April consumption crunch
- GBP/USD crested to touch $1.2358 overnight before retreating and European
markets have been happy to add further weight. GBP is the poorest performer in
G10 so far, with EUR/GBP one of the more notable movers. EUR/GBP is nearing
Gbp0.9050 and a rally above here opens Fib retracement at 0.9086 and the best
levels for the cross since late March.
- Equities are generally lower in Europe, with the main indices down just over
1% at pixel time. US futures are down a similar margin, but the e-mini S&P
remains well above 3,000. Despite the pullback in equities, EUR is benefiting,
with EUR/USD narrowing the gap with key resistance at $1.1163, the late-March
high. EUR is one of the best performers in G10 so far, with SEK just
outperforming.
- Further US data draws interest Friday, with April trade balance, personal
income/spending and MNI Chicago Business Barometer. Canadian GDP for March also
crosses. Fed chair Powell is due to speak as part of a moderated discussion at
1600ET/1300ET.

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