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Next up UK PMI data- GBP/USD backs off from above 1.28

The disappointment stemming from the weaker than forecast French and German PMI data this morning has dented the Euro and that has also helped to push the dollar higher. Right now those dollar gains are being led by the USD/CHF, fuelled by that surprise cut in rates from the SNB. So, with the dollar rebounding across the board, the GBP/USD has also fallen back. Earlier it was above 1.28, but it is now tracking back towards 1.2750, as the UK equivalent PMI data will soon be released, at 9.30am GMT. If that replicates what we saw from France and Germany, then it could impact the Pound a bit more. However, the markets are not anticipating weaker UK PMI data, but then again they were not expecting that from France and Germany either. So, we shall see what shows up here. The other thing to note about that surprise Swiss move; is has that thrown an element of risk into the BOE decision later today? More on that to follow later this morning. The GBP/USD is currently trading at 1.2767 

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