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Forex Flash: ECB would extend its inaction next week – UBS

FXstreet.com (Barcelona) - The shared currency is orbiting around the area of 1.2815/25 on Good Friday, as the longer Easter holiday intensifies the vacuum of volume in the FX markets. The ECB will hold its monthly gathering next week, and consensus amongst traders expects no changes in the refi rate or major announcements. However, it is expected that President Draghi addresses to the recent developments in Cyprus as well as the late weakness in the EMU fundamentals.

In the view of Strategists G.Yu and M.Narain at UBS, “We expect the ECB to keep its monetary policy accommodative, with rates on hold. We do not think that the economic outlook is so weak that it would warrant further ECB rate cuts in 2013 and 2014”.

Forex: EUR/GBP flat at month end

The EUR/GBP is trading sidelined to the opening price of 0.8436. The cross has been under pressure since March 12, easing from 0.8794 high, and yesterday’s down move found its low at 0.8416 before bouncing. The market is pretty still as many countries celebrate the Good Day.
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Italy still without a government

Center-left Italian leader Pier Luigi Bersani, who was asked last week by president Giorgio Napolitano to form a government, said on Thursday that he was unable to complete the task.
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