The dollar remain well bid today, while sterling was an underperformed following a UK PMI miss. EUR-USD posted a low at 1.0891. We expect the downside bias to persist as there has been no change in the dominant bearish narrative that drove the pair some 4% lower during the latter half of May: the continued lack of substantive progress in Greece's bailout negotiations, and the rekindled Fed tightening theme. Cable shed nearly 40 pips in making a post-data low of 1.5223, which is the lowest traded since May-7. EUR-GBP also lifted.
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