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Forex Flash: All eyes on ECB as rate alterations loom – Investec

FXstreet.com (Barcelona) - According to the Investec Research Team, “The next big risk event is the ever more likely interest rate cut next week from the European Central Bank – Angela Merkel came out fighting yesterday by stating that higher interest rates are better for Germany. Whether this was a pre-emptive measure to suggest that rates will ultimately rise again or a warning shot to Mario Draghi remains to be seen.”

The main events today will be this afternoon over in the States when we see US GDP which is expected to rise and consumer confidence which is also forecast to be on the up. With EUR/USD jockeying either side of the key 1.3000 level it will be interesting to gauge the market’s take on the figure as and when they are released.

Forex Flash: US GDP figures look to take center stage – Deutsche Bank

The US advanced Q1 GDP reading takes center-stage today with the market expecting a print of +3.0% QoQ annualized versus last quarter's +0.4% outturn. DB's economists warn that today's data will be revised 3x this year, once in each of the next two months and then again on July 31st when the Commerce Department releases extensive benchmark revisions to the national income accounts, which occurs only every handful of years.
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Forex: EUR/JPY holds above 128.30

The EUR/JPY is trading calmly at 128.30 support (-0.63% on the day) after the early European morning drop below the 129.00 handle and a low at 128.00 mark. Investors are now awaiting the US GDP Q1 preliminary report, with expectations that annualized growth rises from 0.4% to 3.0%. Reuters/Michigan consumer sentiment is also expected to improve, from 72.3 to 73.2 in April.
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