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Sterling ticked down against the euro on Thursday with the absence of major UK data leaving investors to concentrate on the European Central Bank signalling intent to raise euro area borrowing costs next month.
The ECB left interest rates on hold at 3.25 percent and all-but confirmed expectations for a December hike. ECB President Jean-Claude Trichet told a news briefing that the bank would "exercise strong vigilance" over the risks to price stability.
That phrase is one that market analysts say signals the ECB is ready to hike rates again at its December 7 meeting. "Much of what we heard from Trichet was expected ... (the euro) is caught in the 66.70-67.00 (pence) range for now," said Daragh Maher, senior currency strategist at Calyon.
At 1543 GMT, the pound was down 0.1 percent against the euro at 66.90 pence, off a 15-month peak of 66.70 reached on Tuesday. Against the dollar, sterling was steady at $1.9081, compared with a near-three-month peak of $1.9137 on Wednesday after weaker-than-expected US manufacturing growth data sparked fears of an economic downturn.
In Britain, investors were looking ahead to October's services sector Purchasing Managers' Index on Friday, which is forecast at 56.7, down from September's 57.0.
That would still be well above the 50 line between contraction and growth, keeping intact the view that the Bank of England will raise interest rates to 5 percent next Thursday.

Copyright Reuters, 2006

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