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Forex Flash: Soft UK PMIs could get tongues wagging - Societe Generale

Kit Juckes, Global head of Currency Strategy at Societe Generale feels that soft UK PMI numbers today could get people talking before Thursday´s MPC meeting.

He writes, “I hope we haven’t missed a chance to take profit in short GBP/USD. There is a risk of the MPC doing less than the GBP 25bn in QE the market discounts but I am holding out for more weakness in the next 48 hours, and leaving a GBP/USD 1.53 stop in place, just in case.”

EU Feb Markit Services PMI declines to 47.9; PMI Composite: 47.9

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Forex: EUR/JPY boosted by better than expected Services PMI

Pressured throughout the Asian session, the EUR/JPY revived a little after going as low as 121.14 as investors priced in expectations ahead of Markit Services PMI data in the Eurozone. The cross didn't even fully retrace losses, staying below 121.60. However, better than expected data in France in Germany is boosting sentiment.
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