On Friday TD Securities closed........>

EURO-STERLING: On Friday TD Securities closed their short EURGBP position at

0.8731, essentially breaking even on the trade.

- The rationale behind their move was that "the softer-than-expected Q1 GDP

report has added to market doubts the Bank of England will be able to hike at

its May meeting. These doubts have grown in the wake of dovish comments from

Governor Carney last week. While it seems unlikely Carney would discuss the

monetary policy decision for May at today's 3pm event which is geared as an

educational function, there is a risk and we think it is prudent to exit this

position at this time."

- From a technical perspective TD note "EURGBP has remained largely trapped in a

trading range loosely marked by the 0.8700/0.9000 levels. We have seen several

downward thrusts out of this range in recent weeks. While this was encouraging,

the EUR remained resilient despite a notable slowdown in Euro area growth

surprises during Q1."