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Free AccessStruggling to Build Above $1.3100
Disappointing comments from the UK/EU Brexit discussions prompted Cable to reverse away from its early Europe high of $1.3255 Friday. Move lower was fuelled by the stronger correction in EUR/USD, influenced by the release of poor flash PMI data, with strong US PMI and House data adding weight in the afternoon to take cable to a low of $1.3059. Weaker longs were squeezed out in the move but underlying tone remains buoyant with traders looking to move into dips. Cable close in NY holding just under $1.3100. Asia consolidated this move within a relatively tight range of $1.3079/1.3101, the top contained by Friday's recovery high off $1.3059, before early Europe edged rate to $1.3107. Some risk appetite noted in Asia to the reports the Trump admin considering emergency authorisation for the AstraZeneca/Oxford vaccine. This week's Jackson Hole Symposium in focus, along with the Republican Party National Convention. BOE Haldane in Edinburgh Wednesday, BOE Gov. Bailey speaks at JH Aug28. Support $1.3079, $1.3059/49, $1.3030, stronger into $1.3000. Resistance $1.3130/35, $1.3155/65, $1.3180/85.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.