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Struggling to Clear Above $1.3100 in Early Europe.

MNI (London)

Cable extended its recovery off Friday's low of $1.3059 to touch a high of $1.3149 in early NY Monday before, like EUR/USD, momentum faded. Rate tracked EUR/USD slippage as the USD pared losses, easing to $1.3054 before the close at $1.3063. Positive sound bites concerning Sino-US trade negotiations provided the Asian session with a positive risk outlook, allowed cable to edge to $1.3115 before settling back around $1.3100 into Europe. Mild buoyancy noted but rate would need to break above $1.3150 to boost upside momentum. Support $1.3055/50. Preliminary month-end flows expected to bring USD sales, cable expected to be a beneficiary. Monday marks August month end, a UK holiday.

MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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