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EURGBP test MNI tech resistance

EUR
  • EURGBP test immediate resistance seen at 0.8662 High Jun 29.
  • A clear break above the latter, opens to 0.8700, followed by 0.8721 High May 26 2021 and Jun 15 / bull trigger .
  • Some of the weakness in the Pound looked to be helped by Rate markets with the SONIA strip outperforming Europe and the US.
  • SONIA strip is up ~6 ticks, while Euribor, and Eurodollar are pretty much flat on the day.
  • Longer end Gilt is also outperforming EU and US, as desk continue to reprice the Rate path outlook, given recession concerns.
  • UK PMI Manufacturing was revised lower this morning, and the UK is still expected to be one of the worst growing G7 country in 2023.

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