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Currencies stand pat ahead of ECB, Fed........>

FOREX
FOREX: Currencies stand pat ahead of ECB, Fed releases
-Both USD/JPY and EUR/USD have traded within a 20 pip range so far Wednesday,
with most major pairs respecting recent ranges ahead of the ECB rate decision
(brought forward to today to account for IMF/World Bank meetings and the Easter
holidays) and the FOMC minutes release later today.
-NOK is outperforming modestly as March CPI came in ahead of expectations at
0.2% m/m and 2.9% y/y, further justifying the Norges Bank's current hawkish
stance. The release dragged EUR/NOK further below the 9.6588 200-dma, touching
the lowest levels since November last year.
-EMFX is mixed to slightly firmer, with particular outperformance in ZAR, which
extends gains above the 100-dma against the USD as the currency continues to
benefit from S&P's positive comments on the sovereign rating yesterday.
-ECB rate decision is expected unchanged, with Draghi and Co seen providing
scant new details on the further wave of TLTROs or any tiered deposit rate
considerations. US CPI for March, FOMC minutes and speeches from Fed's Quarles
and ECB's Coeure are due.

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