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EUR/GBP downside in focus again following UK jobs report
As noted in an update just after the latest UK jobs report, the pound has made progress versus the Euro. That means the EUR/GBP has fallen back after this data and it is nearing that 0.8500 handle once more. The real question now; is will we finally see this important price point tested? I remain as I was in that respect and the outlook here has not changed and neither has the outlook for UK interest rates to remain higher than their peers for a longer period. So, this data is also adversely impacting the FTSE 100 futures and that is supportive of the pound too. Also to note here; is the fact that any EUR/GBP trade circumvents any dollar risk, with the US CPI report looming later today. So, if one wants to trade the pound and avoid dollar risk, then the EUR/GBP and the GBP/JPY might be a better way to do that. In fact the GBP/JPY has now taken out the noted 2024 high at 188.92, but more on that in an update to follow. Meantime, the EUR/GBP is currently trading at 0.8520
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