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Sterling loses its shine as wage growth......>

FOREX
FOREX: Sterling loses its  shine as wage growth disappoints
-After touching fresh post-Brexit highs of $1.4377, GBP pulled back as wage
growth came in 0.2ppts shy of consensus. Despite the unemployment rate dropping,
the more benign outlook for wage growth took focus, pulling GBP/USD into
negative territory ahead of the NY crossover.
-The JPY and EUR are the strongest among the majors today with USD broadly
mixed. Newsflow and volumes remain light but the break below Y107 in USD/JPY
prompted a wave of greenback weakness which has flattered USD/CHF, EUR/USD and
AUD/USD but markets have taken some minor profit as US equity futures continue
to improve.
-CHF touched multi-year lows against both the USD and EUR this morning in the
absence of a safe haven bid as traders watch stocks in Europe and the US ebb
higher. EUR/CHF topped Chf1.19 for the first time since the SNB removed the
EUR/CHF floor in 2015.
-Near-term focus turns to the German ZEW Survey ahead of US housing numbers and
various Fed speakers.

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