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Forex Flash: EUR/USD edges below April Range - DBS Group

FXstreet.com (Barcelona) - DBS Group analysts note that yesterday EUR/USD moved below its 1.30-1.32 range established since April 9.

They see that yesterday´s weaker-than-expected PMI readings for manufacturing and services in April opened hope that the European Central Bank (ECB) may consider lowering interest rates again. Interestingly, they see that the disappointment in the PMI data was not as bad for the whole of the Eurozone compared to Germany. Similarly, they add that consumer confidence was once again less negative in April too. By and large, they feel that this suggested pockets of recovery in the Eurozone outside Germany.

Forex Flash: Australia CPI lower than expected, RBA might ease in June – TD Securities

Australia had quite a day today, with headline CPI up by 0.4% (disappointing consensus at 0.7%) and to be 2.5% higher than a year ago, or mid-RBA target. Core inflation also rose, by 0.4% or 2.4%/yr, “slightly lower QoQ rise but same YoY rise as consensus due to a slight upward revisions”. “Overall, leaves the RBA with a trigger to ease if required, but we believe June is better timing after a raft of high (retail sales and employment) and low frequency data (capex) can be digested”, wrote TD Securities analyst Annette Beacher, pointing also to RBA Deputy Governor Lowe’s speech about the growing financial ties between Australia and China. “While trade ties have been strong for a decade, financial ties have been much slower to gain traction. At least, two weeks ago direct trading between CNY and AUD on the onshore market was announced, where Loew says “Over time, this important initiative should promote trade invoicing in RMB and facilitate bilateral trade and investment””.
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Forex: EUR/GBP touches 0.8500, German and UK data out

Easing from 0.8538 high ahead of the London session, the EUR/GBP made a sharp drop on the publication of a disappointing IFO survey in Germany following yesterday’s weaker manufacturing and services PMIs there. The cross found support at the 0.8500 psychological level.
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