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Free AccessRecovery off its PMI react low of.....>
EURO-STERLING: Recovery off its PMI react low of Gbp0.8388(Jan24) faltered ahead
of Gbp0.8450 Monday before reversing. However, this corrective pullback remained
within the base of its 1.0% 10-dma envelope, touched Gbp0.8408 (envelope base
GBp0.8406) before rate edged back to Gbp0.8447, again holding shy of Gbp0.8450.
Rate touched Gbp0.8435 in Asia before it picked up stronger demand which took
rate through Gbp0.8450, early Europe extending the move on to Gbp0.8457. The
reversal away from the envelope base(by time currently sits at Gbp0.8397) now
exposes the 10-dma at Gbp0.8482. Positioning ahead of Thursday's BOE MPC rate
announcement, the meeting described as live due to recent dovish comments from
MPC members and poor data. Countering this was strong employment data and the
flash PMI's. Today sees release of CBI retail sales data at 100GMT (market
median 5) which may provide some influence being this close to the BOE decision.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.