Cable was on a knife edge again this morning. For most of the session GBP/USD was again positioned tantalisingly close to the USD 1.700 resistance, pushing above it briefly on the release of better than expected UK June production data. For the most part range trading has dominated fx markets. A softer to mixed performance in stocks and a moderate fall in treasury yields reflects a slight bias for risk aversion this morning which is affording the USD and the JPY a little support on many of the crosses. Full text »
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