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Aug 27 - 05:55 AM

EUR/GBP - Two Big Flows Could Hurt Those Sitting Long EUR/GBP

By Jeremy Boulton  —  Aug 27 - 03:35 AM
  • EUR/GBP has dropped 1% this week nL1N2FQ09C

  • Pair has broken below the low-end of August's sideways consolidation

  • Traders were bullish and long and vulnerable to some big flow

  • SNB rebalancing. 6% of Switzerland's reserve are GBP

  • Sight deposits are up CHF132bln since March. Up CHF 32bln since June

  • UK farmers convert EU subsidies in Sept, buy around GBP 3bln nL1N2FJ08I

  • Month-ends usually sees an EZ CB buy EUR/GBP to convert UK's EU contribution

  • If this flows boosts EUR/GBP it may well be a good time to sell

  • Related EUR/USD nL1N2FT0DU




EUR/GBP Click here

Source:
Refinitiv IFR Research/Market Commentary

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