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Forex Flash: Quiet European week ahead - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that it looks like being a relatively quiet week in Europe, with the Eurozone PMI surveys for February the main economic data release ahead of the Italian elections beginning at the weekend which should favour a more stable Euro.

In the UK, the release of the latest BoE minutes could prove interesting as they will shed more light on whether the MPC is united behind its shift to a more flexible inflation target. He feels that there is a risk that some less dovish MPC members may display concern over tolerating a longer inflation overshoot. he writes, “The policy shift has served to further undermine near-term sentiment towards the pound, with the latest IMM report revealing that speculative net short pound positioning increased sharply last week to its highest level since June 2012.”

Van Rompuy to present the EU budget at the European Parliament

The president of the European Council Herman van Rompuy will appear before the European Parliament Monday in order to present the agreement on the 2014-2020 EU budget, estimated for 959 billion euros. Meanwhile, the president of the European Parliament Martin Schulz declared that the budget is not centered on the common interest of Europe as a whole.
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Forex: GBP/USD trading unevening at 1.5468/69

Following a dip below support towards the region of 1.5438 (session low), the GBP/USD seems to have recovered slightly, albeit unevenly during European trading Monday. The pair remains entrenched in negative territory as the cross operates at 1.5468/69 in these moments, suffering a -0.23% decline off its opening.
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