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Recovered off its Thursday low of $1.2968.....>

CABLE
MNI (London)
CABLE: Recovered off its Thursday low of $1.2968 to $1.3036 as traders booked
profit on risk aversion trades ahead of the Sino-US trade talks. However, as
this demand abated so rate drifted back to $1.3002 ahead of the close. Early
optimism in Asia saw cable spike to $1.3030 only to pare back those thin market
gains to $1.3003 where rate again met support ahead of $1.3000. Rate recovered
to $1.3020 on increased optimism for the trade talks but news of tariff
implementation saw rate sink back to $1.3000. That mentioned demand has emerged
again and so far seen keeping rate buoyed in early Europe. A break here to
expose Thursday's low of $1.2968. Resistance remains at $1.3035 ahead of
$1.3050.
- UK Q1 GDP, IP/Mfg and Trade data in focus for 0830GMT. Brexit headlines remain
a driving force in sterling.  
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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