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FX Update- Cable

Posted:26/11/2008 16:05 by Keith Lobodzinski
Cable extended its recovery and moved above 1.5400 handle as the dollar continued to head lower in to the weekend. The move dollar move lower despite easier equity markets is a change of tact in sentiment, with risk reduction tending to favor the dollar of late. However, month end related flows and illiquid trading conditions has exacerbated some of these flows. In the absence of U.S. traders tomorrow Cable may enjoy further gains, with the technical picture still favorable, although the pull back from 1.5500 and subsequent move down to 1.5228 may see more sideways chop in broader ranges as bullish momentum wanes. click here to return to the top of the page
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