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Forex: EUR/GBP jumps on disappointing UK and EMU data

The economic calendar is triggering moves in the FX world, including a jump on the EUR/GBP, from 0.8640 back to the opening price of the week at 0.8658, as both UK and EMU data disappoint.

The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts. The EMU Sentix Investor Confidence fell more than predicted, from -3.9 to -10.6 in March, while consensus was pointing to -5.2.

UBS analysts are bullish on the EUR/GBP: "Resistance is at 0.8696 ahead of 0.8831", wrote analyst Gareth Berry, pointing to support at 0.8576 ahead of 0.8535.

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Kit Juckes, Global Head of Currency Strategy at Societe Generale gets the feeling the despite the rhetoric, US political protagonists quite like the idea of some fiscal tightening which can be blamed on the other team.
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Forex Flash: Euro and Pound remain under pressure against USD - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the euro and pound continue to remain under downward pressure against the US dollar with EUR/USD and GBP/USD attempting to break below 1.30 and 1.50 respectively.
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