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Forex Flash: Expect EUR/USD to remain headline driven ahead of ECB - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank recommends that investors expect EUR/USD to remain headline driven in the near term ahead of the ECB on Thursday.

In the interim, he feels that any failure to overcome the 200D MA at 1.2889 convincingly, may see the pair relapse back to the 1.2750 area in due course. Moving to GBP/USD, he notes that manufacturing PMI later today may provide some domestic focus for the pair although the pair may continue to hug the 1.5200 handle pending further catalysts and a 1.5000-1.5400 band may remain a near term cordon for now.

Germany: PMI Manufacturing falls to 49 in March

German PMI Manufacturing decreased to 49 points in March, from 50.3 points in February, according to data released today by Markit. The result is almost in line with consensus of 48.9 points.
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Forex Flash: EM Central Banks selling EUR - Nomura

Nomura strategists Jens Nordvig and Ankit Sahni note that the IMF released its “Composition of Official Foreign Exchange Reserves” (COFER) data for Q4 yesterday.
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