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Thursday, August 31, 2006

GBP/USD: Nearing Yearly Highs

FX trading seems to be getting less range-bound than in previous weeks, signaling that the summer lull may be coming to an end, although price action remains subdued. Yesterday, the focus was on the EUR/JPY, which managed to break through the Y150 level (currently at 150.60), and on the Pound, which broke north of 1.90 against the Dollar. The momentum for Sterling came in response to an unexpected jump in the August CBI sales index, or Confederation of British Industry, which contained a big upside surprise, leaping from +12 from +7. Read More....