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Forex Flash: EUR crosses hold bearish bias - UBS

Gareth Berry and Geoffrey Yu of UBS have taken a technical look at today´s EUR crosses and see a bearish bias ahead.
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Forex: EUR/GBP at 0.8480 after UK PMI and EMU CPI

The EUR/GBP first dropped as low as 0.8469 on the London opening but eventually jumped back to 0.8490 on the release of UK PMI Construction that rose from 46.8 to 47.2 in March, although staying below the 47.5 consensus. As of writing, the cross is quoting around 0.8480. Also out was the preliminary release of EMU CPI in March, coming in at 1.7% from 1.8%, as expected.
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