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Cross saw an extended corrective......>

EURO-STERLING
MNI (London)
EURO-STERLING: Cross saw an extended corrective pullback low of Gbp0.8954
Thursday before it began to slowly claw back lost ground. Rate edged to
Gbp0.8972 at the Asia open before it drifted off to Gbp0.8962 through a quiet
Asian session. Rate saw a jump to Gbp0.8976 into Europe as market reacted to ECB
Nowotny comments suggesting the ECB should hike rates despite Italy woes. EUR
recovery proved short lived as rate eased off to Gbp0.8968. Rate now back
comfortably within its 10-dma 1.0% envelope, base coming in at Gbp0.8913 vs top
at Gbp0.9093. The 10-dma currently comes through at Gbp0.9003. Month-end and
traders will be watching for any RHS interest, a European sovereign name often
has this interest for account balancing. However, bank models have signals
suggesting strong USD sell interest which may help to provide a counter. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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