Friday August 13, 2004 - 05:32:57 GMT
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Saxo Bank - www.saxobank.com
Buy EUR/GBP on retracements for a try above 0.6800
13 August, 05:32 GMT - EURGBP: 0.6720
The latest data from GBP in terms of inflation (CPI was actually negative last time around) and housing prices (appear to have peaked) makes it increasingly likely that the BOE is fast reaching the end of its rate-hiking regime - and therefore decreasing the likelihood of ever-increasing interest rate differentials that those playing the carry trades hope for. This has sent EUR/GBP soaring - a phenomenon that appears likely to continue.
Buy EUR/GBP around 0.6700 with a stop at 0.6665 and a target of 0.6810.
John J. Hardy
Saxo Bank Market Strategies
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