GBP/USD has made steady progress throughout the EU session following a close shave at 1.3810 before Cable bounced firmly through 1.3850, 1.3900 and 1.3950 all the way to around 1.3992/3, while EUR/GBP continues its retracement from 0.8700+ to circa 0.8590. Not much in the way of fresh bullish UK specifics or Pound positives, but this week’s domestic agenda is busy given top tier data, BoE commentary, CBI surveys and the preliminary PMIs. It may just be a momentary lapse or a case of the Monday blues, but the Buck has diverged from bond yields to an extent, albeit with the DXY deriving some traction from a retreat and re-steepening along the US Treasury curve ahead of 91.000 and the DMA in close proximity.



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