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The move away from risk-off positioning.......>

FOREX
MNI (London)
FOREX: The move away from risk-off positioning boosted inflows into the USD
through early Asia and in European morning trade. USD/JPY saw a high in Asia of
Y112.77, Europe able to extend this to Y112.80 after overcoming headwind
resistance from EUR/JPY easing, as the cross tracked EUR/USD slippage. The
latter pair was pressed to an eventual low of $1.1613 before it met reported
support in the $1.1615/00 area. Cable, which had been knocked by US Trump
comments on PM May's Brexit proposal, along with 'endorsing' Boris Johnson as a
potential 'great PM', also felt the effects of the strengthening USD as it
pressed to its extended low of $1.3117. Late morning has seen some paring back
of those long USD positions but underlying tone remains USD positive.  
- Fed's Powell & Bostic, as well as BOE's Cunliffe, headline Friday afternoon.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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