The Sterling (GBP) we the underperforming as MPC member Posen talked down the inflation threat and GBP/USD broke below 1.6000. Broad GBP weakness has been seen in recent session with the market struggling to find buyers on most pairs. Overall the GBP/USD traded with a low of 1.5934 and a high of 1.6040 before closing the day at 1.5990 in the New York session.
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