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Forex Flash: Europe calm with ECB in line tomorrow - BTMU

FXstreet.com (Barcelona) - Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that like Asia, much of Europe is closed today so there is little in focus in terms of economic data.

He notes that the PMIs will be released tomorrow ahead of the ECB meeting when we expect the ECB to cut the refinancing rate to 0.50%. London is open, with the PMI manufacturing report due but the remit letter for the BOE’s Financial Policy Committee, released yesterday, is getting the main attention this morning. He writes, “Once again, Chancellor Osbourne is trying to emphasise the growth aspect of the balance of the objectives within the remit. He urged the committee to be attentive to its secondary objective of sustaining economic growth “at this stage in the cycle”. This again will be of comfort to the incoming Governor, Mark Carney, who the markets expect to be more proactive in trying to lift economic growth.”

Forex Flash: Letta urges end to austerity at Merkle meeting -Investec

Investec Treasury Analysts note that new Italian Prime Minister Enrico Letta met with Chancellor Merkel yesterday and reiterated that his government would meet its budget commitments but called for an end to austerity and urged that more policies should be pursued to lift growth.
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Forex Flash: Australia with softer PMI and housing prices, pressure on consumer spending – TD Securities

Soft second-tier data in Australia today: “The manufacturing PMI declined 7.7pts to 36.7, lowest in three years, as the high AUD continue to put pressure on manufacturers. House prices declined –0.5% in April (following +2.8% over Q1), but as the data is not seasonally adjusted, we prefer to look at the y/y measure, which rose from 2.4% to 2.7% y/y”, wrote TD Securities analyst Alvin Pontoh, expecting near term downside pressure for consumer spending after the confirmation that the Government plans to announce an increase in the Medicare levy in the upcoming Budget to fund the new disability insurance scheme.
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