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Forex pairs in this Article » EUR/USD, GBP/USD, USD/JPY (Barcelona) - European markets are going through marginal gains on early trading with investors focusing on ECB's monetary policy statement to assess the odds for another rate hike in July. In currency Markets the GBP is showing strength while Euro and Yen remain in range.

Eurostoxx 50 Index edges up 0.15%, the German DAX Index adds 0.2% and the French CAC Index trades 0.15% higher. In the UK, the FTSE ticks up 0.1% less than two hours after the opening bell.

Central Banks are at the center of the stage today, the ECB is expected to release its monetary policy decision later. Even though interest rates are widely expected to remain unchanged at 1.25%, investors will monitor ECB Trichet's press release for hints about a rate hike in July. The BoE is also expected to maintain its Bank rate on hold at 0.5%.

Pound pushing higher

GBP/USD retreat from 1.6460/70 resistance area found support yesterday at the uptrend support line around 1.6350, and the pair has bounced higher, to pare previous losses and reaching day highs at 1.6465.

EUR/USD is trading sideways between 1.4600 and 1.4640/45, consolidating half way through the weekly range ahead of ECB.

USD/JPY bounced up from one-month low at 79.70 yesterday, capped at 80.30 on Asian session the pair has retreated again to return to levels right below 80.00.
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