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Forex: EUR/GBP above 0.8600

With the downside blocked at 0.8575 area, the EUR/GBP found no other way but to move higher starting in early European morning. The opening of stock exchanges triggered a break above the 0.8600 mark, quickly limited around 0.8610/15.

EMU industrial production rose +0.7% in December (MoM), beating +0.2% consensus. Annualized data rebounded from -4.0% to -2.4%. The German Wholesale Price Index rose 0.3% (MoM) in January, but eased from +3.2% to +2.3% (YoY) while consensus was for +2.2%.

“Above 0.8617 risks will revert to the topside and allow for a retest of the 0.8714 recent high. This guards resistance at 0.8800/30, which is regarded as the last defence for the 0.9082 2011 high”, wrote Commerzbank analyst Karen Jones, pointing to supports at 0.8484/40 0.8338.

Forex: EUR/JPY retraces Asian losses

The Asian session pushed the Yen higher, probably in reaction to the G7 FX communiqué and following headlines, sending the EUR/JPY down to 124.78 low. However, the cross was able to fully retrace such losses and return to 125.75 opening price. Still, the market has been rejecting a move higher, with the pair finding its high at 125.89.
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EMU: Annual Industrial Production contraction slows down in December

Eurozone annual Industrial Production w.d.a. dipped for the thirteenth consecutive month in December by 2.4%, following a 4% decrease in November, Eurostat reported on Wednesday. This result is in line with projections.
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