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Lawrence’s Comment
Slow drift back down near Y-0 as expected. Then took off and tagged Y+1. Pushing higher since. Closed the week above Y+1 and midpoint.
Outlook
I was looking for Y+2 by end of week but it did not get there. With the trouble happening in Europe, cannot blame the pair for not moving swiftly against US dollar.
This week will be mainly news / event driven due to the Cyprus issue. If US Fed is going to do something about the situation, cable can zoom above Y+2 / B+2 quickly.
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