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Forex: EUR/GBP erases gains on BoE minutes

FXstreet.com (Barcelona) - The EUR/GBP rose during the London session to test 0.8580 ahead of the UK data and BoE March meeting minutes. MPC members made the same 6-3 vote against further QE of February meeting and recent data has not altered economic outlook but inflation looks a little higher. The EUR/GBP plunged back to the opening price of 0.8534, as of writing.

UK claimant counts fell much less than expected, by 1.5K in February, instead of the 5K consensus. January data was revised, with -10K less claimants instead of -12.5K. Claimant account rate and ILO unemployment rate stayed unchanged at 4.7% and 7.8%, as expected.

EMU current account surplus eased from €16.0B to €14.8B in January, higher than €7.9B consensus.

UBS analysts are bullish: “There is a strong support at 0.8445 - a closing break below this would be a bearish development. Resistance is at 0.8598 ahead of 0.8684”, wrote analyst Gareth Berry.

United Kingdom Jan Average Earnings excluding Bonus (3Mo/Yr) falls to 1.2% vs 1.3%

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UK: Claimant Count Change decline slows down in February

The number of unemployment people in the UK fell by 1.5K in the three months to February, following a 10K drop registered in the three months to January, National Statistics reported on Wednesday. This result is more positive than the expected 5K decrease. The Claimant Count Rate remained at 4.7%,for the second running month, as projected.
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