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Cross Sees Support Into Weekend, Despite Lack of PMI Reaction

EURGBP
  • Post-PMI USD strength keeps the pressure on GBP/USD to touch a new pullback low - 50-dma remains intraday support and has contained the pullback at 1.2624. Despite proving less responsive to the PMI data out earlier this morning, GBP is underperforming across NY hours, recovering off mid-morning lows.
  • Some attention had been paid to the earlier rejection of a takeover offer from Carlsberg for UK-listed Britvic (worth close to $4bln). While not immediately market-moving upon release this morning, it could be lending a tailwind to EUR/GBP into the weekend. Strength through today's high of 0.8465 opens 0.8468 to continue to erase the weakness triggered by Macron's election call.

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