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Forex: EUR/GBP rallies on BoE inflation report

The release of the BoE Quarterly Inflation Report triggered a volatile move of more 50-pip range. The EUR/GBP rallied above 0.8640 as the statement says the UK GDP will stay below pre-crisis level until 2015 and CPI should stay above target for most of the next three years. BoE Governor King is speaking.

The German 2-year debt auction was targeting an amount of €5B, but sold €4.301B at 0.21% (previously at 0.01%). The Italian 3-year bond sale had a rising average yield too, from 1.85% to 2.30%.

Mataf.net analysts point to resistances at 0.8630 and 0.8660. On the downside, supports might be found at 0.8570, 0.8540 and 0.8510.

Swedish banks serve as shining example for European banking sector

The European banking system received a proverbial wake-up call, amidst pressure to converge in a race towards more tightened and fortified banking structures, following the recent report that Swedish regulators told their banks to target minimum capital buffers equivalent to 12% of their risk-weighted assets.
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