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Forex pairs in this Article » EUR/GBP
FXstreet.com (London) - EUR/GBP has pegged back losses earlier in the session, currently trading at GBP0.8212.

European data today has fallen largely into line with expectations. German data showed low but stable growth while Spanish CPI posted improved numbers, albeit still extremely weak at 0.1 percent and a harmonised CPI posted zero inflation.

Data also showed that Germany's price-adjusted GDP expanded 0.4 percent in 2013 slowing from the 0.7 percent rise in 2012.

BoE rate hike schedule in focus

With light data before tomorrow's UK retail sales figures, the Bank of England's stance remains under focus. Yesterday's on target inflation print at 2.0 percent increased speculation that the BoE may extend the threshold below which it will consider raising its base rate from 7.0 percent to 6.5 percent unemployment. However, the "dovish for longer" speculation may be premature. Inflation has missed targets for the last four years without the BoE springing to action, and it is questionable whether one on-target print would change that.

EUR/GBP is currently trading at GBP0.8212 after twice finding resistance above GBP0.8325. The pair is currently down 0.09 percent on the day after breaking down from highs at GBP0.8333.
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