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Forex Flash: Central banks in focus later today – UBS

Overnight, the euro continued to benefit from a consensus-beating ZEW report out of Germany yesterday. According to Research Analyst Gareth Berry at UBS, “Our economists note a strong correlation between this and manufacturing PMI (due Thursday), which offers scope for further euro upside.” Moreover, the Bank of England and FOMC minutes due out today will have an important bearing on our existing short Cable trade recommendation.

“Greater tolerance of above-target UK inflation would likely hurt the sterling – especially if combined with a reluctance to embark on more QE. This combination would after all reduce the incentives for foreigners to hold Gilts, at a time when the AAA rating may arguably be at risk too.” Berry adds.

Forex: GBP/USD up ahead of BoE minutes and UK labor data

The GBP/USD weakened little before 08:00 GMT to retest the opening price of 1.5427 and even try out 1.5420 via spike low. However, as the London session unfolds, the pair is rising back towards its highs, already at 1.5440 (+0.09%).
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Forex Flash: Save GBP, Majors edge higher on USD - OCBC Bank

Emmanuel Ng of OCBC Bank notes that save for GBP, majors were up against USD on Tuesday as positive sentiment padded investor confidence with the EUR also mildly underpinned by the better than expected German ZEW.
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