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Flash: ECB expectations and technical opportunities - Societe Generale

FXstreet.com (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that in Europe there is little news, higher core yields, lower peripheral yields, a flat currency and a resumption of spread tightening in credit.

He writes, “We're really waiting for the ECB next week I suppose. The rest (economic weakness in Spain, etc) is well known. I can't help thinking the fact the euro can't catch a bid even today is significant, though. The action comes round the edges. Our chartists tell me they now see confirmation of EUR/CHF breaking to the upside and EUR/GBP forming a double top. Why, oh why does GBP/CHF always look like a screaming buy when the snow's melted? It is, though, a wonderful risk/reward long here, in my view.”

Flash: UK CPI to rise in time - Merrill Lynch and Bank of America

Research teams at Merrill Lynch and Bank of America said that overall, they think there are various reasons to think that the unexpected weakness in UK CPI inflation in April will not persist over the medium term.
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Flash: AUD remains under downward pressure - BTMU

Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Australian dollar remains under downward pressure with AUD/USD having tested support at the 0.96-level for a second time.
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