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USD edges higher in quiet session -With the...>

FOREX
FOREX: USD edges higher in quiet session
-With the Fed blackout formally beginning on Saturday, US data few and far
between and sporadic market closures across Europe it was a reflective session
in global asset markets, with the greenback edging slightly higher but remaining
well within recent ranges. The quieter market was reflected in the tight trading
range for USD/JPY, holding within a 27 pip range throughout European and US
hours. MXN held the gains throughout the Monday session, but looks to close well
off the day's highs.
-A dire set of UK numbers (industrial and manufacturing production were well
below expectations) pressed GBP/USD back below the $1.27 mark and the official
beginning of the Conservative party leadership contest (and eventual Prime
Minister) did little to reassure markets. GBP/USD bottomed out at $1.2653 and
may find support at last week's lows of $1.2611.
-UK jobs data, Australia NAB business confidence and US May PPI are the data
highlights Tuesday, with speeches also due from ECB's Nowotny & Kazimir and
BoE's Saunders & Broadbent.

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