The Sterling (GBP) was a major outperformer surging back above 1.6000 with EUR/GBP selling helping the major rally and ignore risk aversion. June PPI was still high at 17% y/y vs. 16.1% previously. CHF and GBP stand to gain if the Euro and US debt problems persist. Overall the GBP/USD traded with a low of 1.5930 and a high of 1.6077 before closing the day at 1.6039 in the New York session.
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