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Euro soars while sterling stumbles — #SaxoStrats
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John Hardy, head of FX strategy at Saxo Bank, takes a closer look at EUR and GBP following the UK’s CPI figures and market moves since the French election result.
The euro had initial run higher that was quickly sold off, says Hardy, with the market now deciding the French election was a positive event for EUR.
There was a higher than expected CPI release on Tuesday from the UK. Its inflation rate, at 2.7%, is now at its highest level since September 2013 and above the Bank of England’s 2% target.
Hardy also takes a look at the EURGBP, cable and EURUSD charts.