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Key Support Remains Exposed


Pullback Extends, But Still Looks Corrective in Nature


FED Remains in Play Post-NFP/ISM Data

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Sterling Draws Support From UK Fiscal Headlines, Risk-On Flows Intensify


The sterling caught a bid, seemingly in a delated reaction to headlines flagging UK Cll'r Kwarteng early departure from the annual IMF talks, as he returns to London to work on fiscal policy. The news fuelled speculation re: another U-turn in UK fiscal plans, with several media outlets suggesting that the government could abandon its plan to cancel a scheduled increase in the corporation tax next year.

  • Cable has added 22 pips and last deals at $1.1347, which filters through into broader USD weakness. The yen is the only worse performer, but USD/JPY is close to erasing its initial gains. The kiwi dollar continues to pace gains in G10 FX space amid relative strength in high-betas, as UK headlines support broader risk appetite.
  • In emerging Asia, USD/CNH is back sub CNH7.1700, after getting close to CNH7.2000 earlier. USD/KRW is sub KRW1430, also aided by higher equities.

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