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EUR and GBP weaker on activity surveys

The latest PMI data has shown a slowing picture of activity. Most notably for Germany, the manufacturing series was revised lower to 49.9 (from 50.3), this coming ahead of the ECB tomorrow and has aided a push below the 1.26 level on EURUSD. Cable is down to 1.6170 after UK numbers were weaker than expected. But the dollar weakness is becoming a well worn story and there is still an underlying current towards corrective activity on some of the majors because of this.

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