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EUR/GBP capped by 0.7300

FXStreet (Edinburgh) - The increasing bid tone in the single currency has been propping up the upside in EUR/GBP to the boundaries of 0.7300 the figure.

EUR/GBP boosted by US ADP

The softer-than-expected result from the US ADP report gave the riskier assets a boost today, allowing the European cross to come back to session highs around the 0.7300 handle.

Both the sterling and the euro remain i the spotlight today, in light of further key releases in the US docket: Markit’s PMI and ISM Manufacturing.

EUR/GBP key levels

As of writing the cross is advancing 0.54% at 0.7282 and a break above 0.7298 (10-d MA) would aim for 0.7320 (high Mar.31) and then 0.7339 (high Mar.30). On the other hand, the immediate support lines up at 0.7231 (21-d MA) ahead of 0.7223 (low Mar.31) and finally 0.7200 (psychological level).

US Treasury yields fall after ADP report

The yields on the short duration as well as longer duration treasuries in the US fell after the weaker-than-expected ADP monthly jobs report hit the wires.
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Most overlook points about the currency reserve data – BBH

Mark Chandler, Global Head of Currency Strategy at Brown Brothers Harriman, highlights points that have been largely overlooked when discussing the Q4 FX reserve figures released by IMF.
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