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Forex Flash: EM Central Banks selling EUR - Nomura

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

They see that the euro share of central bank reserves has continued to decline, despite the strong rally in the EUR during the quarter. They write, “This is likely to be a continuing headwind for the EUR, along with the weak growth story we have been highlighting in the past few months. We remain comfortable with our view for a grinding move lower in EUR.”

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

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.
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EMU: PMI Manufacturing contracts further in March

Eurozone PMI Manufacturing fell to 46.8 points in March, from 47.9 points in February, according to data released today by Markit. This result is more positive than the projected decline to 46.6 points.
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