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mpc: 11 the greater weighting for the euro in the index. The rise in the euro:dollar exchange rate over the past two months had been greater than that predicted by the Consensus forecasts. The narrowing of interest rate differentials following the ECB's unexpected 50 basis point rate rise in June, and the continued economic recovery in the euro area, had both supported the euro. But other more technical factors, such as positioning and prospective flows relating to mergers and acquisitions activity and mobile phone spectrum auctions, had also helped the recovery in the euro over the past two months.