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GBP/USD above key technical level

The pound held above a key technical support level, even after U.K. inflation slowed more than economists forecast. Traders took to heart the Bank of England’s message that slumping price growth can be overlooked. The pound has strengthened 1.9 percent against the dollar in February, ending seven straight months of losses. It fell 0.1 percent yesterday  to $1.5346 as of 5 p.m. in London.  U.K. stocks were higher after the close on Tuesday, as gains in the Tobacco, Beverages and Health Care Equipment & Services sectors led shares higher.

The euro slipped lower today  but investors continued to remain hopeful for an agreement on a new financing arrangement for Greece. EUR/USD was down 0.18% to 1.1389 from 1.1410 late yesterday. Greece’s current €240 billion bailout is due to expire at the end of the month and the new Greek government does not want it extended. Athens rejected a proposed six-month extension of the bailout on Monday, calling it “unacceptable”. Athens has until Friday to request an extension otherwise its bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone. The euro was also lower against the yen, with EUR/JPY sliding 0.20% to 135.79.

The euro slipped lower today  but investors continued to remain hopeful for an agreement on a new financing arrangement for Greece. EUR/USD was down 0.18% to 1.1389 from 1.1410 late yesterday.. Athens has until Friday to request an extension otherwise its bailout will expire on February 28 and the country will run out of money, which could trigger the country’s exit from the euro zone. The euro was also lower against the yen, with EUR/JPY sliding 0.20% to 135.79.

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