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Session Recap: EUR/USD struggles at 1.3100

FXstreet.com (Córdoba) - The euro advanced versus the dollar and the yen, supported by optimism after Italy formed government over the weekend. However, the shared currency is having a hard time trying to consolidate above 1.3100 as investors remain cautious ahead of the ECB decision on Thursday.

In the macroeconomic front, eurozone data was broadly soft while US Personal income for March also disappointed. European markets are higher, with Italy leading gains.

Main Headlines in Europe (in chronological order):

EMU: Consumer Confidence rises to -22.3 in April

Italy bond auction goes swimmingly well

France will cut 34,000 ministry jobs

Euro resilience keeps the cross around 1.3100

European markets up on Italian politics and expectations ahead of ECB this week

Germany: Consumer Price Index (YoY) rises 1.2% in Apr; (MoM) falls 0.5%

US: PCE rose 1.0% YoY in March

Forex: EUR/USD takes profits after German CPI

The EUR/USD climbed the chart to 1.3116 high for the release of the German CPI report, and following figures revealing wider monthly contraction than expected, profit taking began, and extended after US personal income and spending data. At the moment of writing, the market trades at the 1.3080 area, around where it was held during the European session.
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Forex Flash: Draghi and his sweaty palms - Investec

Investec Treasury Analysts believe that Mario Draghi, the head of the European Central Bank (ECB), is likely to have sweaty palms going into one of the most eagerly anticipated ECB rate decisions in months this Thursday.
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