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2Y Yield Hits Fresh Post-2007 Highs After Fedspeak

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MNI (London)
EURO-STERLING: Tuesday saw the cross extend its recovery, off Friday's month-end
low of Gbp0.8387, the move above its 10-dma Monday provided the impetus for rate
to touch the topside of its 1.0% 10-dma envelope, which by time yesterday came
in at Gbp0.8538. Rejection from this level seemed to prompt a general recovery
in sterling, the cross easing to Gbp0.8465 before it closed the day at
Gbp0.8475. Trade in Asia was contained within a range of Gbp0.8468/82, early
Europe has touched a slight extension high of Gbp0.8484. While rate holds above
its 10-dma(currently at Gbp0.8452) it keeps the underlying tone buoyant, with
the topside of the envelope currently at Gbp0.8436. Support seen at
Gbp0.8465/63(Tue low/50% Gbp0.8387-0.8538) ahead of Gbp0.8452/45(61.8%). A break
and clear would open potential for a move back toward the base of the envelope,
currently at Gbp0.8367. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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