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Key Support Levels Remain Intact

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FOREX
FOREX: The USD came under pressure in early Asia-Pacific trade, although the
move was modest & ultimately retraced. Cable was the root cause/major
beneficiary following an Express interview in which PM May noted that the UK's
"exit deal is virtually agreed." GBP was also supported by EU's Barnier pointing
towards an amended Irish backstop. BoE's Vlieghe noted that UK wages are exp. to
grow, albeit slowly. Cable last deals at ~$1.3150, after a brief look above the
recent highs, topping out at $1.3176.
- RBA's Kent offered little on MonPol for AUD traders, although AUD did benefit
from an uptick in local yields & Chinese Premier Li noting that China will not
pursue CNY devaluation to support exports. The Antipodeans were the major
beneficiaries amongst the G10 on the Li headlines, which came after NZD/USD
proved to be immune to soft NZ cons. confidence data & a wider than exp. NZ
current a/c deficit. USD/JPY last deals unch., operating in a narrow range. The
BOJ's latest MonPol decision offered little to inspire traders, as the Bank left
its MonPol settings unch. With the usual dissenting votes/factors in play.
- ECB's Draghi, BoE's Haldane & UK CPI headline today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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