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Sterling continues on the downward trend

It lost ground across the board with biggest benefactors once again being the US dollar and the Japanese Yen. Sterling had its biggest one day drop for many a year with cable starting the day on 1.59 and reaching 1.52 at one point. It lost 15 big figures against the Yen and also traded below 1.22 against the Euro at one point.  It did rally Friday afternoon however to close around the same levels that it opened on Friday morning but has come under pressure in earlier trading this morning. 

The dollar made gains against all the majors apart from the Japanese Yen which was buoyed by traders using the currency as risk aversion. 

This morning we have the German IFO survey due which is expected to follow the recent trend and show a lower figure. The only other significant piece of data due today is the US home sales due this afternoon at around 2pm UK time.

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