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Flash: ECB rate cut not expected in June - DBS Group

FXstreet.com (Barcelona) - DBS Group analysts comment that the European Central Bank (ECB) Governing Council is not expected to follow through with another rate cut when it meets on June 6.

They note that the refi rate was last lowered by 25 bps to 0.50% at last month’s meeting and the central bank left the door open for more if Eurozone data continued to disappoint. Further, they note that the Ifo think tank expects economic growth in Germany to show a marked improvement in 2Q13 after a tepid first quarter. They write, “Germany’s CPI bounced to 1.5% YoY in May from a low of 1.2% in its previous month. EUR/USD inched up to 1.30 after hitting a low of 1.2795 on May 17. Looking ahead, German Chancellor Angela Merkel has announced that a strong euro will be part of her CDU party’s campaign for the September federal election.”

Official Chinese services and HSBC manufacturing PMIs drop in May - Nomura

Nomura economist Zhiwei Zhang notes that the official services PMI dropped to 54.3 in May from 54.5 in April.
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Flash: Yen supported by more risk-averse trading conditions - BTMU

Lee Hardman, FX Analyst at the Bank of Tokyo Misubishi UFJ notes that the yen has continued to firm modestly in the Asian trading session with USD/JPY moving closer to support at the 100.00-level.
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