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Flash: EC confirms extended budget deficit target deadline extensions - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the European Commission confirmed yesterday that it had granted Spain and France two more years to meet its budget deficit targets, with the Netherlands and Belgium both given one more year.

He writes, “It also recommended that Italy alongside Hungary and Romania should exit the excessive deficit procedure. A slower pace of fiscal tightening should support the euro at the margin. The euro has also derived support in the near-term from the stronger than expected rebound in German inflation to 1.5 % in May which modestly lowers the probability of another refi rate cut in June. Still inflation as whole is expected to remain muted in 2013 averaging around 1.4%.”

Flash: USD higher on market volatility - DBS Group

DBS Group analysts note that owing to volatile market conditions, the US dollar has pushed higher in May.
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USD/JPY entrenched in negative territory at 100.60/68

The USD/JPY has been trading in unfamiliar territory as of late, falling for the second straight day as the USD continues to wane across the board against the G10 majors.
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