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Forex Flash: Market didn't priced in 30-40% chance of ECB rate cut – TD Securities

For the ECB meeting tomorrow, TD Securities analysts see a 30-40% chance of a refi rate cut, "which is not priced into the market" and the Central Bank is expected to lower the 2013 and 2014 GDP forecast, as well as the 2014 inflation forecast. "But one month of disappointing surveys for some members is not enough to yet dissuade optimists from the story of improvement, Italian election uncertainty is not a factor to rate cuts, and the depreciation in euro since the last meeting will leave that a less pressing concern", they wrote.

Forex: EUR/JPY capped by 122.00 area

The EUR/JPY has been picking on the 122.00 mark, spiking to as high as 122.08, but resistance there is keeping the cross from the upside. Right after the European opening, the market retraced those gains back to the opening price of 121.75 and it is now quiet after EMU GDP.
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Forex Flash: BoC looks to tackle household imbalances – UBS

The Bank of Canada will attempt to curb 'household imbalances', referring to the chances of a deep housing correction, with adverse effects on household balance sheets and credit demand. Just over a month ago, Moody's downgraded six Canadian banks on the back of expectations that household deleveraging would affect asset quality and profitability.
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