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FOREX: Continued fall out from Thursday's ECB taper announcement, though the cut
to E30bn/pm until Sep had been well reported/forecast ahead, pressed Eur/Usd to
extended lows of $1.1625 in Asia with Europe taking move on to $1.1616. However,
strong support from $1.1615 through to reported barrier interest at $1.1600
cushioned the move and allowed rate to edge back above $1.1630. Market had been
seen long Eur's into the meeting, and though no great surprise, prompted some
longer term funds to trim back those positions. Countering the ECB led move we
have US tax reform debate, with hurdles continuing to be seen, along with the
decision on the next Fed Chair. Aud underperformed in local trade as Deputy PM
Joyce was removed due to his dual NZ nationality, losing the Government its one
seat majority. Sterling traded on the back foot through Europe, Eur/Gbp took
back lost ground as rate recovered from Thursday post ECB low of Gbp0.8852, to
Gbp0.8900. Cable extended corrective pullback below $1.3100, traded to $1.3070
as week's positive GDP release faded into the mists and attention turned back
toward Brexit as well as expected month end Eur/Gbp demand. Next week's much
anticipated BOE MPC 25bp rate hike in the price, more attention on rate path.