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The euro declined toward the 0.90 level against sterling this morning following Mervyn King’s article and the BoE minutes, which reduced suspicions of a quantitative easing hike next month.
Investors may have sold the euro on the view that French President Nicolas Sarkozy and European Commission President Jose Barroso may express concern over the euro’s recent strength, when they deliver their speeches later today. ‘European officials are expressing worry that the euro’s appreciation is making things difficult for their economy,’ said Yuji Saito of Societe Generale. ‘This is causing the euro to undergo a downward correction.’
