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Forex: EUR/GBP retraces yesterday’s losses ahead of BoE minutes

FXstreet.com (Barcelona) - Fever ahead of the BoE March meeting minutes is weakening the British Pound against the EUR, with the EUR/GBP rising up to 0.8581 already, retracing yesterday’s losses.

“We think that we’ll see a 6-3 or possibly even 5-4 vote, with Governor King continuing to favor further QE”, wrote TD Securities analyst Alvin Pontoh, expecting falling jobless claims in the UK by another 10-15K in Feb (more than consensus).

“We continue to believe that EUR/GBP is forming a top. Resistance is seen between Monday’s 0.8590 high and Friday’s 0.8603 low”, wrote Commerzbank analyst Karen Jones, pointing to further resistance at 0.8683/84 (February 13 and March 1 highs) and more significant resistance at 0.8715, the February 1 high.

EMU: Current account surplus narrows less than expected in January

Eurozone Current Account surplus on a seasonally adjusted basis dropped to €14.8 billion in January from €16 billion in December, according to data released today by the ECB. Analysts expected the surplus to narrow more to €7.9 billion.
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Forex Flash: The fate of Cyprus in the Eurozone lies in question - OCBC Bank

OCBC Bank analysts believe that fate of Cyprus in the Eurozone lies in question after its unanimous rejection against the unprecedented bank levies needed for its EUR10 bln bailout.
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