Tuesday March 1, 2005 - 08:47:53 GMT
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CMC Markets - www.cmcmarkets.com
EUR GBP set to continue rangebound run as traders search for direction.
March 1st - Conflicting house price data out of the UK and a general lack of any significant numbers from the eurozone so far this week has left EUR GBP toying with the 0.69 level. Ignoring one major spike, over the last six weeks the currency pair has been holding relatively close to this level as essentially there’s been little to offer traders any real direction. The prospect of ECB rate hikes remains distant so the market as failed to take any note of weak eurozone expansion and stagnant unemployment data, and whilst it’s generally accepted that monetary policy may be tightened by the Bank of England at some point in the coming months, there’s still no real consensus as to precisely when this might happen. Admittedly, consumer credit data scheduled for released from the UK later today will be closely watched although the pressures noted last year have now been eased significantly. So, until we see further evidence that suggests there’s going to be another change in rates, there’s not much around that suggests this currency pair will be left anything other than range-bound in the near to medium term.
Chris Callander and Enis Mehmet
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