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Sterling remained on the defensive............>

FOREX
FOREX: Sterling remained on the defensive throughout trading on Friday.
Generally weaker UK data with added Barnier remarks that the UK needs to accept
all EU terms during period of transition, pressured through $1.3800 at the NY
crossover. Recovery efforts held shallow, before a sharp swing in the Dow saw
the risk-off theme resume to print extended lows of $1.3765.
-Headlines from Japan's government that they are set to reappoint Kuroda as BoJ
Governor saw Usd/Jpy spike to Y109.25. The rate was quick to pare gains with
slippage extending to Y108.05 as US equity markets once again dictated price
action. Eur/Jpy continued its downtrend to fresh 2018 lows of Y131.99, Gbp/Yen
touched Y148.92.
-Eur/Usd felt weight via Eur/Jpy to $1.2206, a convincing break of $1.22 is
needed for clearer direction.
-The SoMP passed with most of the shine taken off from Governor Lowe's dovish
commentary on Wednesday, however unemployment projections were lowered from 5.5%
to 5.25%. Aud/Usd gains were capped by soft oil prices, traders will look to
hold above the 100-dma ($0.7771) and 200-dma ($0.7755) at the close.

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