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Nomura "expect GBP to remain under pressure...>

FOREX
FOREX: Nomura "expect GBP to remain under pressure until the April PMIs are
released. It's why we are booking a partial profit on long GBPCHF reducing the
size from $10mln to $5mln (locking in ~$60K of profit), and keeping our tight
stop at our entry level of 1.3540 on the remaining $5mn. We expect the 10 May
BoE meeting to remain a risk event and good news over the customs union or the
April PMIs to keep the trade live. Despite our call changing to reflect a hike
is unlikely at the next BoE meeting, the balance of risks are that the data
start to pick up for Q2, and therefore the pricing for the BoE's August meeting
and GBP with it."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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