EUR/GBP reclaims 0.86, ECB's Schnabel says "too early to discuss rate cuts"
However, data remains key to ECB action. Rate cut debate shifts to Q2
Q4 parameters of 0.8550-0.8770 defines current range
EZ/UK yield spreads favour Euro upside, maintaining current range
COMMENT-SocGen likes this simple EUR/GBP option nL1N3E00T3
Near-term risk events include UK GDP (Jan 12)
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