• Euro recovery dented as more EZ data rolls over, EUR/GBP slips through 0.87

• EZ industrial production M/M -4.1% vs -2.5% f/c, Y/Y -1.4% vs 0.9% f/c

• Crowded longs leaves Euro vulnerable to deeper correction nL1N37C0G7

• GBP direction will depend on upcoming jobs report (May 16), eyes on wages

• Markets price in a 76% chance of a 25bps BoE June hike 0#BOEWATCH

• Resistance at 0.8740 (200DMA). Support situated at 0.8662 (post-BoE low)

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