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*** Retains a buoyant tone into Europe, the...>

CABLE
MNI (London)
CABLE: *** Retains a buoyant tone into Europe, the rate able to extend further
its recovery off initial NFP/AHE react low of $1.3027 to $1.3123 in Asia, as
market react to weekend press suggesting a stronger position for PM May and
suggestions she could demote Foreign Secretary Boris Johnson(a suggested
leadership contender but prone to gaffs). A report in today's Times suggests the
ONS made a mistake in its Q2 Unit Labour Costs (released Friday) and a
correction to be published Monday. The Times says that the ONS is expected to
revise the annual growth in Unit Labour Costs from 1.6% y/y to 2.4% y/y which
would tend to support further rate hike speculation. Cable currently trades
around $1.3108, having seen an early high in Europe of $1.3119. 
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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