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Session Recap: USD gains across the board

Another quiet session in the FX market, although the USD trades firmer versus most competitors after a stronger-than-expected ADP employment report, which highlights improvement in the labor market ahead of the NFP on Friday. The euro and the pound are at daily lows versus the greenback despite stronger global equities as investors remain cautious ahead of the ECB and BoE policy announcements.

Ranges could persist ahead of key events this week. According to the Wells Fargo analyst team, the US jobs report on Friday might provide some direction for FX markets heading into next week.

Main Headlines in Europe (in chronological order):

UK: Halifax House Prices rise 0.5% in February

Forex Flash: What lies ahead of EUR/USD? – Commerzbank and UBS

BoE’s King: UK banks too big to fail

Fundamental Morning Wrap: CAD you believe it, rate decision in focus

European markets higher ahead of tomorrow's central banks

US: MBA Mortgage Applications rise 14.8% in March-1 week

Euro at the crossroads

The troika back in bailout talks with Cyprus

US: ADP Employment Change fell to 198K in February

Commodities Brief – Precious metals trade sideways after upbeat US data, crude oil surrenders earlier gains but holds above 90.00

Canada Ivey Purchasing Managers Index down to 51.6 in Feb and Ivey Purchasing Managers Index s.a to 51.1

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Canada: BoC keeps policy unchanged, rate at 1%

The BoC left its rate unchanged at 1% in the March monetary policy meeting. “With continued slack in the Canadian economy, the muted outlook for inflation, and the more constructive evolution of imbalances in the household sector, the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required, consistent with achieving the 2 per cent inflation target", says the statement.
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