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Flash: Eurozone countries poised for budget target alleviation – Deutsche Bank

FXstreet.com (Barcelona) - Later this week in Europe, the European Commission is slated to announce economic policy recommendations for EU members on Wednesday.

According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “Recent reports suggest that the Commission may shift its emphasis from one of fiscal consolidation to structural reforms. The Commission has indicated that it may give France and Spain two extra years to bring their budget deficits below the EU ceiling of 3% of GDP, while other countries such as Italy and Portugal are reportedly expected to get additional time to meet deficit targets.

In terms of the week's dataflow, credit and money aggregates for the Eurozone is scheduled for Wednesday, followed on Thursday by the European Commission's economic sentiment survey. Inflation and unemployment data for the Eurozone are due on Friday, capping off a rather busy late week slate.

Flash: AUD/JPY risks remain tilted towards downside – Westpac

According to Global FX Strategist Sean Callow at Westpac, “The AUD/JPY risks remain tilted to the downside in coming weeks – our base case is for an extension of recent losses to 94-95.00 as the BoJ stays on hold and investment outflows from Japan remain patchy while AUD struggles to find positive news.”
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GBP/USD giving way through support 1.5070

GBP/USD had been holding up against a 5yr high in Consumer Confidence readings, where the pair initially lost a marginal bit of ground to below 1.5100.
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