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Forex Flash: EUR/USD could fall below 1.2000 by year-end if ECB cuts rates – UBS

Central banks are being forced to change stance. Following yesterday’s weak PMI data, the European Central Bank is now likely to cut interest rates on May 2. UBS Economics expects a 25bps reduction in the refinance rate to 0.50%.
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European markets up on earnings and expectations of ECB rate cut

The German DAX 30 (+0.24%), the French CAC 40 (+0.38%), the British FTSE 100 (+0.16%) and the Spanish IBEX 35 (+0.26%) are edging higher on Wednesday on earnings season and as investors price in expectations of a ECB rate cut after one more disappointing indicator. The Italian FTSE MIB is down by -1.00%, pressured by financial stocks.
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