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Asian markets up on ECB rate cut, many indexes reverse gains before close

FXstreet.com (Barcelona) - Mainland China’s Shanghai Composite (+1.44%), South Korea’s Kospi (+0.43%) and Hong Kong’s Hang Seng (+0.22%) rose on Friday on the back of yesterday’s ECB rate cut by 25bp to 0.50%. Such sentiment was felt broadly earlier in the session, but in time, many Asian indexes shifted to the downside, such as India’s Bombay Sensitive (-0.32%), Singapore’s Straits Times (-0.66%) and Indonesia’s Jakarta Composite (-0.81%). Japan is closed for holiday.

Futures for the German DAX 30 and the French CAC 40 are signaling a higher opening by +0.15% ahead of EMU PPI and European Commission Economic Growth Forecast, due at 09:00 GMT.

Forex: EUR/USD glued to 1.3070/75

The shared currency remains in a very narrow range on Friday, ahead of the US Non-farm Payrolls for the month of April. Market consensus expects the US economy to have created 145K jobs vs. 88K jobs in the previous month...
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Forex: GBP/USD around 1.5530/35 ahead of UK data

The sterling is flat-lining around 1.5530/35 on Friday, ahead of the final Services PMI print during April. Consensus is calling for a reading of 52.4, matching the previous print....
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