Sterling strength vs the euro will be hard to sustain, says Lloyds, unless an aggressive negative risk tone emerges. The pound gained Monday thanks to the better-than-expected PMI data, but this probably won't alter the prospect of more QE on Thursday says the bank. Ahead of the BOE/ECB meetings, the bank thinks it will be difficult to establish EUR/GBP levels below 0.80, especially if today's UK monetary data disappoints. EUR/GBP now at 0.80126.
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