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Sterling broke above 1.51 handle

After it sharply fell and closed last week below 1.51handle, Sterling added over 100 points in the European part of the session, rebounding despite lack of major data releases. The pound has been the best performing of the G10 group of major currencies over the past month, helped by a stream of better economic news that a rise in interest rates could come in sooner than expected.
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Euro lower after ECB Press Conference

“Our monetary policy decisions have worked, and it is with a certain degree of satisfaction that the Governing Council has acknowledged this,” Mario Draghi said at a ECB press conference following interest rate decision. “We see objectives are gradually being obtained.” While reiterating that the “risks surrounding the economic outlook for the euro area remain on the downside,” Draghi also said they “have diminished following recent monetary policy decisions.” 
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BoE left interest rates unchanged

As it was largely anticipated, the Bank of England’s Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion. 
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Growth in China's PMI, PBOC cut interest rates

According to the latest NBS release China's Manufacturing PMI inched up to 49.9 in February from January's 49.8, beating market expectations on decline to 49.7. "In the context of stabilising macroeconomic policies including recent tax cuts and increased infrastructure spending, market demand rose and business confidence strengthened," the NBS said, adding that stabilising crude oil and raw material prices were also important factors.
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