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Forex Flash: European data mutes GBP - Investec

FXstreet.com (Barcelona) - Investec Treasury analysts note that news from a the European front this morning was that the GfK consumer confidence index slipped back to -27 in April, having been stuck at -26 for the previous three months, which was also the expectation for April’s reading.

While at first sight this looks like gloomy news we would point out that the wider, official measure of household consumption has risen for five successive quarters, and that evidence from indicators such as retail sales suggest that Q1 2013 will make it six in a row. They see that the effect of this on the currency markets has been muted with GBPUSD and GBPEUR opening largely unchanged at 1.5485 and 1.1835 respectively. With UK data on the lighter side, they add that Sterling’s ability to battle back towards yesterday’s highs of 1.5550 in cable and 1.1900 in GBPEUR will be led by factors abroad.

Forex: GBP/USD back around 1.5500

The sterling regained the region of 1.5490/1.5500 on Tuesday after the Mortgage Approvals increased by 53.5k during March, surpassing both the median and previous prints at 52.5K and 51.9K, respectively...
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Forex: EUR/USD down to 1.3060 in European morning

The EUR/USD jumped through the 1.3100 line to 1.3120 high ahead of German retail sales, but failed to hold its gains, allowing a full retracement and following decline. Such decline during the European session is materializing in prices at 1.3060 (-0.30% on the day) and risking a return to Friday’s close at 1.3031.
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