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The USD held firm at the NY crossover on......>

FOREX
FOREX: The USD held firm at the NY crossover on Friday, before a liquidation of
long positions pared light gains.
- BoE Deputy Governor Cunliffe boosted GBP, as he stated that the drop in Q1 was
driven by poor weather and supported arguments for the next rate hike at the
BoE's August meeting. President Trump's bilateral free trade comments re: the UK
gave added support ahead of the 4pm WMR fix, as cable squeezed back above
$1.3200.
- USD/JPY was unable to extend above its European high of Y112.80, later easing
to the Y112.40/45 area. The cross added 1.8% on the, confirming a bullish weekly
closing pattern.
- EUR/USD recovered off European lows of $1.1613 to $1.1683, before fading.
- SEK underperformed on the week with losses of over 2% on extended reaction to
Thursday's miss on CPI data & less hawkish Riksbank meeting minutes.
- U.S. retail sales & China Q2 GDP headline on Monday.
- FX flow has been light thus far, as a reminder Japan observes a national
holiday 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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