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Forex Flash: German IP data in focus - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that there is little in focus for Europe today with German IP taking center stage.

He feels that after the shock decline in factory orders yesterday, the market would be less surprised with another weak figure today. He writes, “A plunge in foreign orders was the main catalyst for the 1.9% decline in January and suggests German growth will be held back by weakness in the euro-zone. ECB President Draghi revealed a weaker inflation profile in updated forecasts with a 1.3% projection for 2014 surely inconsistent with the ECB’s inflation mandate.” Halpenny feels that clearly, any weakness from here will warrant a rate cut – something we still expect possibly in June, noting that the euro may bounce from here – but only modestly.

Forex Flash: USD/JPY poised for further accommodation - OCBC Bank

Emmanuel Ng of OCBC Bank notes that looking ahead, slightly better than expected 4Q GDP numbers notwithstanding, markets may remain focused on the potential for further monetary accommodation with the imminent arrival of the new BOJ leadership.
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Forex Flash: Despite Draghi, EUR gains look cautious ahead - OCBC Bank

Emmanuel Ng of OCBC Bank comments that despite Draghi’s comments yesterday, caution towards excessive EUR gains may remain prevalent in the near term given underlying pockets of concerns, not least from the Italian political front.
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