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Friday's release of disappointing.....>

EURO-STERLING
MNI (London)
EURO-STERLING: Friday's release of disappointing UK Q1 growth data saw the cross
pare all of its week's losses as it broke back above its 10-dma and through its
recent high of Gbp0.8792(Apr20), touching a high of Gbp0.8804. Topside of the
1.0% envelope had moved up to Gbp0.8815 Friday, and has now edged on to
Gbp0.8832 today. Rate retains a buoyant tone in early Europe as topside edges to
Gbp0.8807. Month-end flow often sees demand emerge which could expose that
Gbp0.8832 level. If rate can hold below expected to turn attention back toward
the downside with the 10-dma today coming through at Gbp0.8745.  
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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