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Flash: Euro derives support from strong PMIs - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the euro has derived support from the stronger than expected May Eurozone manufacturing PMIs.

Following on from the improving data which provided further evidence that the pace of contraction is easing, Hardman highlights news which The FT has reported today that the ECB is backing away from any “big bazooka” style intervention to revive lending to SMEs in fiscally challenged members. He writes, “At the same time Germany has finalised details of its own bilateral arrangement with Spain to lend some EUR1.0 billion to boost credit for SMEs.”

Flash: RBA on hold, but still believes AUD is overvalued - Nomura

Nomura economists note that the RBA kept its policy rate unchanged at 2.75%, in line with market expectations.
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EUR/GBP weekly chart vrs daily

The EUR/GBP has formed a descending channel on the monthly charts. While EUR/GBP stays below the 2011 high at 0.9082, the downtrend would usually remain intact. However, on the daily, it is still looking bullish through the topside of the wedge formation it had broken.
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