The Sterling (GBP) the risk off mood led to Pound selling as well with the cable moving from 1.5700 down to lower 1.5600 levels in the US session. The outlook is for further losses but EUR/GBP selling is supporting. May CBI Trade data was strong at 21 vs. -7 previously. Looking ahead, April UK Mortgage approvals forecast at 50.1 vs. 49.9 previously. Also ahead ECB President Draghi speaks.
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