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Forex: GBP/USD prints lows at 1.5283

Today's decline of the British Pound, driven by technical arguments but also after BoE's meeting minutes revealing Governor King's wishes of additional QE, wasn't held by the 1.5300 mark and went to as low as 1.5283, for now. The market is trying to return to the handle.

UK equities are cheering the improvement seen in claimant counts revealed today. There were 12.5K less claimants in January, instead of -5K as expected, pushing the rate lower from 4.8% to 4.7%. UK ILO unemployment rate rose from 7.7% to 7.8%.

UBS analysts point to the downside: “With bearish trend conditions in place, there is scope for extension of weakness”, wrote analyst Gareth Berry, pointing to support at 1.5269, while resistance is at 1.5550.

European markets mixed on Wednesday, UK equities rise on BoE minutes

The German DAX 30 (+0.07%) is up after the release of German January CPI and HICP, that dropped to +1.7% and +1.9% (YoY) in line with consensus. January PPI rose from 1.5% to 1.7% (YoY), instead of easing to 1.2%, as data rose +0.8% on the month (consensus of +0.3%).
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Forex: USD/CHF reverses losses, back above 0.9200

The dollar strengthened across the board during the European session as the unexpectedly dovish BoE vote encouraged greenback demand.
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