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Daily FX News Thursday 12th January, 2012

Angela Merkel has been meeting with Nicolas Sarkozy on Monday the IMF head Christian Lagarde on Tuesday and held talks with the Italian PM Matio Monti on Wednesday in Berlin and it is understood that the two leaders discussed ways of stimulating employment and economic growth in the EU and have urged officials to make it one of the main discussion topics at the upcoming summit. Angela Merkel commented at a Press conference that the next council meeting should be to discuss how to promote economic growth and more importantly how to create jobs.

Yesterday, saw a strong decline in GBP/USD the market has since stalled above 1.5300 and at oversold extremes. FX analysts say that the signal for sentiment is not strong but mildly positive and so the call is cautious above 1.5272.

The EUR/USD seems to be in a wait and see mode and is trading in a narrow range ahead of the data due later on which will announce the ECB rate decision and Germany will release inflatation data and Italy and Spain will hold bond auctions. In the US retail sales and market labor data are due in the European Session.

The EUR/GBP has been trading at around 0.8300 since the Asian Session and has tested the psychological level after five days below the handle. Ahead of the Spanish bond auctions and both the BOE’s and the ECB’s interest rate decisions, the pair has just rallied to a high of 0.831.

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