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Recovery off its opening NY low Wednesday.....>

CABLE
MNI (London)
CABLE: Recovery off its opening NY low Wednesday of $1.2980 saw rate push to an
eventual high of $1.3079 as risk appetite gained a boost on reports US were
looking to open fresh trade talks with China. However, demand quickly faded and
rate drifted off to the $1.3050 area into the close. Early consolidation in Asia
saw rate cling to a tight range around that $1.3050 level, early Europe showing
USD demand which pressed rate down to $1.3026. As was seen Wednesday, dips seem
to attract interested buyers with rate currently trading back at $1.3040. BOE in
focus today. Most expect rates/QE to remain unchanged, Brexit remains the
unknown factor. With Brexit in mind traders to remain on headline watch, UK
Brexit Min Raab to meet with EU's Barnier today. Cable support seen into
$1.3000, stronger at $1.2980/65. Resistance $1.3050/55 ahead of $1.3070/80. 
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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