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Forex Flash: ECB meeting holds intrigue heading into tomorrow – Deutsche Bank

FXstreet.com (Barcelona) - According to Slovenian central bank head and ECB governing council member Marko Kranjec, savers have not been pulling out deposits from Slovenian banks. "The way the situation in Cyprus was being solved did not influence the confidence of our depositors" added Kranjec. According to Reuters Slovenian banks reportedly have around EUR7bn of bad loans, equivalent to 20% of GDP.

Looking forward we have an interesting ECB meeting coming up tomorrow and the market is starting to ponder what Draghi may say at his usual press conference. “All eyes will be on his economic outlook but also more importantly on his thoughts on Cyprus and/or any mention of other unconventional policy options. Given how disappointing the data has been, markets are hoping for something from Draghi tomorrow.” Writes Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank.

Forex: EUR/USD hovering over 1.2845/50

The bloc currency keeps the buoyancy around 1.2845/50 at the end of the trading session on Wednesday, bolstered by the dominating risk-on tone after tepid data from the US economy. The lack of relevant news from...
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Forex Flash: NZD facing little headwinds as economy, milk prices point higher – BNZ

As with last month, NZ’s outperformance relative to the rest of the world was once again evident in spades during March. No more was this so than in fourth quarter GDP figures. GDP soared 1.5% in Q4, taking the annual increase to a very respectable 3.0%. The expansion was much bigger than anyone expected, and provided a nice contrast to the 0.4% growth recorded in the US over the same period, or the 0% in Japan, -0.6% in the Eurozone, and -0.3% in the UK. We couldn’t see anything particularly ‘weird’ in the data, rather, growth simply surprised across a significant number of industries, and was about far more than “just” Christchurch reconstruction.
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