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Draghi sees gradual Eurozone recovery in 2H 2013

FXstreet.com (Barcelona) - During his appearance before the European Parliament on Tuesday, ECB president Mario Draghi mostly repeated his comments from the press conference following the interest rate decision on April 4.

He said that recovery in the Eurozone should gradually return in the second half of 2013 and that the outlook remains subject to downside risks. Inflationary pressures should remain contained over the medium term. The ECB head noted the rebound in exports in such countries as Ireland, Spain and Portugal, which in his opinion is proof of structural progress.

Mario Draghi reminded however that the ECB cannot fight the crisis on its own and that EU Member States should carry on with structural reforms in order to stimulate competitiveness and growth and reduce deficits. He also said that the Single Supervisor Mechanism should be made operational by mid 2014.

Forex: Chinese Labour market conditions tightest since at least 2001 - Nomura

Nomura Strategists Zhiwei Zhang and Wendy Chen note that the Chinese labour market conditions are at the tightest since at least 2001, which they feel suggests that inflationary pressures remain and policy easing is unlikely.
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Forex: GBP/JPY edges above key level

Having made a defined bottom yesterday with an hourly hammer candlestick at the start of the overnight session, GBP/JPY has steadily climbed today and is up 1.48% on the day.
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