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Sterling
Commentary
provided by GCI Financial Ltd: The British pound weakened vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.9810 level and was capped around the $1.9935 level. Cable extended yesterday’s sell-off and stops were reached below the $1.9865 level, representing the 23.6% retracement of the move from $1.9405 to $2.0005. The pair moved lower after it was reported that the U.K. services sector PMI fell to 47.1 in June from 49.8 in May, below expectations and the weakest print in five years. On a positive note on the inflation front, the prices charged sub-index rose modestly to 56.0. Also, Bank of England released its quarterly Credit Conditions Survey today that reported the availability...continued |
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source: DTN Market Access
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part
1...of credit to individuals and corporations has declined since March and will likely fall through the end of Q3. IDS reported pay deals were stable in the quarter to May, up 3.5% in the three months to the end of May. Bank of England Deputy Governor Bean reported the market’s dislocation will probably continue. Cable bids are cited around the US$ 1.9360/ 1.9100 levels. The euro weakened vis-à-vis the British pound as the single currency tested bids around the £0.7940 level and was capped around the £0.8000 figure. SUPPORT RESISTANCE L1. 1.9520 1.9760 L2. 1.9395 1.9880 L3. 1.9100 2.0000
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