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Rallies 40 pips on USD sell off

CABLE
  • Following a fairly subdued Asian session. A decent selling interest across the board in USD, has cable spiking 40 pips..
  • USD hitting lows versus PLN, AUD, CAD, JPY, KRW, CHF, CZK.
  • Equities found a bid after the BIG German factory order, coming at 27.9% versus 10.1% expected, confirming that trade rebounded in the 2nd quarter.
  • BoE didn't surprise and currencies are once again taking their cue from the Greenback.
  • Technically, Cable tested MNI tech resistance at 1.3170 High Jul 31, printed a 1.3183 high, and settling back at 1.3170.
  • Further out MNI tech would eye 1.3200 High Mar 9 and a key resistance

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