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Whippy day Wednesday for the cross,...>

EURO-STERLING
MNI (London)
EURO-STERLING: Whippy day Wednesday for the cross, the rate marked a low of
Gbp0.8739 only to bounce to Gbp0.8797 in reaction to the softer than expected UK
CPI release. However, rate resumed its easing tone and traded back to Gbp0.8760
into the close. Correction extended to Gbp0.8753 into Europe open but buyers
quickly emerged to take rate back toward Gbp0.8770. UK Retail sales at 0830GMT,
median 0.9%mm, ex-autos 0.5%mm. Poor weather in Mar expected to show a positive
rebound in Apr, though analysts caution. Support remains around Gbp0.8740,
resistance into Gbp0.8800. The 1.0% envelope, around the 10-dma, parameters
currently at Gbp0.8680-0.8855, the 10-dma currently coming through at Gbp0.8768.
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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