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EUR continues to outpace sterling's...>

EURO-STERLING
MNI (London)
EURO-STERLING: EUR continues to outpace sterling's recovery, in turn lifts
EUR/GBP away from its Jun5 low of Gbp0.8723 to a high seen Wednesday of
Gbp0.8788. The single currency retains an underlying firm tone into Thursday
trade, aided by perceived 'confirmation' from several ECB members that the June
ECB meeting to discuss the end of QE, with the July meeting likely to outline
proposals. The cross saw a pullback to Gbp0.8774 during the NY afternoon
Wednesday but has since edged back to |Gbp0.8784 in recent trade, tracking
EUR/USD as this rate begins to build (albeit slowly) above $1.1800. Cross
resistance remains at Gbp0.8788/89 ahead of the cloud top at Gbp0.8794. Above
here and next resistance noted between Gbp0.8800/10. Halifax HPI due at 0730GMT
in an otherwise light domestic data calendar. BOE Ramsden speaks this afternoon
at 1500GMT. Second reading of EZ GDP due at 0900GMT. 
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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