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(M2) Trend Condition Remains Bearish


Firmer Overnight


Bears Remain In Control

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FOREX: ECB expected to explain away German ruling
- The German constitutional court's judgement that the ECB's PSPP programme may
not be compatible with some EU treaties prompted some risk-off across the
European morning, but US hours saw risk appetite return, as the ECB meet to
discuss their response and prove their plans are "proportionate". EUR remained
under pressure throughout the trading day, falling against most others in G10.
EUR/JPY was a particular point of interest, falling to fresh 3y lows of Y115.41.
- A rebound in WTI and Brent crude oil prices helped underpin some stability in
commodity-tied FX. As such, AUD, NZD, NOK and CAD traded well throughout. Much
optimism falls on global re-opening plans after various national lockdowns,
which helped WTI and Brent recover back above $24 and $30/bbl respectively.
- Final services and composite PMI data from across the Eurozone should continue
to paint a dire picture for Eurozone economic activity in April but Wednesday's
ADP employment change data may be of more interest ahead of the official NFP
report at the end of the week. ADP payrolls are expected to have fallen by 21
mln in the month, a similar estimate to Friday's headline.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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