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UK: PMI Construction contraction slows down slightly in March

FXstreet.com (Barcelona) - UK PMI Construction increased to 47.2 points in March, from 46.8 points in February, according to data released today by Markit. The result is slightly below market consensus of 47.5 points.

According to Tim Moore, Senior Economist at Markit: “Shrinking investment spending and intermittent output disruptions amid unusually bad weather kept the UK Construction PMI entrenched in contraction territory at the end of the first quarter. The negative print for construction output mirrors that seen for manufacturing, and now leaves the service sector as the last great hope for avoiding another slide in UK GDP.”

Forex Flash: ECB could alter policy after bad enough data in April – TD Securities

TD Securities analysts said that the ECB’s dilemma is that the underlying premise of their policy is being questioned, as growth in the first half of 2013 has been a write-off as expected. “In fact, Eurozone hard data (IP, retail sales, international trade, etc.) published since mid-November has trended no better than in-line with expectations. The upside surprises we saw last autumn, as financial conditions improved, failed to be either as strong or as long as would be normal for the improvement in financial conditions that we saw”, wrote analyst Richard Kelly, adding that the ECB’s transmission mechanism was broken and it seems to have leaked out of the system.
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Forex Flash: EUR/USD to remain headline driven - OCBC Bank

Emmanuel Ng of OCBC Bank believes that EUR/USD will remain headline driven in the near term ahead of Thursday's ECB meet.
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