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EUR/GBP edges lower this morning
At the risk of massive repetition, the comments from Andrew Bailey yesterday sent the Pound reeling versus the dollar and also versus the Euro. As reported here at the time, the EUR/GBP rose above 0.8400 and came close to climbing above 0.8435. In the event that level capped the top of the move. The EUR/GBP later closed in the US at 0.8405. The price has dropped back below the 0.8400 handle and a short while ago it drifted down to a session low at 0.8388. The move lower this morning comes as the GBP/USD continues to repair the damage seen yesterday and lift to test the 1.3150 level a moment ago. Perhaps it is worth noting here; that what Bailey said yesterday was very much dependent upon UK inflation falling back and right now there is little evidence; that will be the case.
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