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Forex: EUR/GBP fully retraces early London drop back to 0.8717

After being put under pressure during the London opening, down to 0.8705 zone, the EUR/GBP bounced back to the opening price of 0.8717, where it is quoting as of writing. The market is consolidating last week's moves in the FX market.

Italy GDP contracted -0.9% in Q4 (QoQ) as expected, but didn't actual annualized Q4 data came in at -2.8%, instead of the expected -2.7%, after the Q3 being revised lower from -2.7% to -2.8%.

The German trade surplus eased from €16.9B to €15.7B as imports (+3.3% vs +1.0% consensus) rose more than exports (+1.4% vs +0.3% consensus) in January. French industrial output dropped -1.2% in January, instead of the +0.1% expected.

“Provided dips lower are contained by 0.8687/65, we will assume an overall upside bias for now”, wrote Commerzbank analyst Karen Jones, pointing to interim resistance at 0.8764, the 20th of February high..

Forex Flash: CFTC observations - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman has taken a look at this weeks latest CFTC report and has made the following observations.
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Forex: EUR/NOK flat around 7.4400

The Norwegian krone is gaining ground against the single currency on Monday, after the inflation figures during February came in lower than January’s prints. In fact, the CPI rose 1.0% on a yearly....
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