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MNI (London)
CABLE: Rate was dragged lower by EUR/USD Thursday, as market saw ECB Draghi's
comments as 'dovish'. Cable was pressed to a low of $1.3106 with recovery
efforts remaining shallow($1.3115). Rate marked an extended low of $1.3100 in
Asia, recovered again to $1.3115 before challenging that early base again ahead
of Europe. Rate retains an underlying heavy tone. EUR/GBP however has
consolidated its recent corrective pullback between Gbp0.8880/90. EU Barnier
comments Thursday, rejecting the UK White Paper customs plan, provided the
catalyst for cable to slip lower in line with EUR/USD. A break of $1.3100 to
expose $1.3086(50% $1.2958-1.3213) ahead of the Jul24 low of $1.3072. Resistance
remains at $1.3115, ahead of $1.3140/50. US first estimate of Q2 GDP takes
centre stage, market median 4.2% but market aware of recent comments from the
White House suggesting number could be 'big'(Kudlow), 'terrific'(Trump) which
has some upping their outlook. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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