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Forex Flash: Majors flat as EUR undermined by soft data - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that the majors ended flat to lower with USD on Tuesday with EUR undermined by disappointing data releases and sustained worries of ECB dovishness.

Meanwhile, he notes that global growth worries were also compounded on the back of softer than expected EZ PMIs, Richmond fed and the April HSBC flash PMI for China. He adds that in NY trading, markets were roiled temporarily by a tweet (which proved to be false) regarding bombings at the White House. On other fronts, the RBNZ remained static as expected at 2.50% late Tuesday and did not lean towards further dovishness as some had expected, and was in fact marginally more optimistic, lending support to NZD. he finishes by writing, “For today, (the) prime mover may be the German April Ifo.”

Germany: IFO – Business Climate down to 104.4 in April

According to data published on Wednesday by the CESifo Group, German IFO – Business Climate decreased from 106.7 in March to 104.4 in April. Market consensus pointed to less decrease to 106.2.
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Forex Flash: Market positions for ECB action - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that following very strong equity market gains in Europe yesterday, the momentum has followed through into the Asian session, with notable gains in response to Europe and the more modest US gains.
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