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EURO-STERLING: Nordea note that they have "been long GBP versus EUR since late
August, as we judged that Bank of England's low tolerance for a weaker GBP would
support a EUR/GBP short from levels above GBP0.9050. We now decide to take
profit on that short EUR/GBP bet and subsequently reverse it to a long EUR/GBP
position ahead of Theresa May's scheduled appearance at the Conservative party
conference this week (starting today). The last two years in a row EUR/GBP moved
swiftly upwards on the day of Theresa Mays speech at the Conservative party
conference and we bet that this year will be no different, as Theresa May has
every incentive to sound like a Brexit-hawk at the conference to gather internal
support. We go long EUR/GBP with a short time horizon of 1-2 weeks and target
levels around GBP 0.9050."