Meanwhile, the People's Bank of China is guiding the currency higher and set the median point of its permitted daily trading band last week at the strongest level ever.

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The band would be set at a percentage level above and below the average price of the security over the immediately preceding five-minute period.

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At the lowest level you can make more money in a band than you can in a job.

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On the upside, it looks like we may have a band of resistance slightly below the psychologically important 1.2500 level between 1.2450 and 1.2470.

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