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EUR a touch defensive ahead of ECB - After....>

FOREX
FOREX: EUR a touch defensive ahead of ECB
- After several days in the doldrums USD is mildly stronger, with markets
clearly a little cautious ahead of the ECB decision. The decision on rates and
the PEPP element of the asset purchase programme crosses at 1245BST/0745ET, with
the press conference following 45 minutes later at 1330BST/0830ET.
- The cautious tone is well reflected by the bounce in haven currencies so far
today, keeping CHF, JPY and the greenback near the top of the board. GBP is
among the biggest losers after trading well this week. Markets are keeping an
eye on any progress over Brexit this week, with the EU Brexit negotiator Barnier
due to brief press on the next steps tomorrow.
- Commodity-tied currencies are taking a breather alongside crude so far
Thursday. Latest reports suggest an OPEC+ meeting is still possible this week,
but holding it would depend on non-compliant members committing to OPEC's joint
production stance.
- Outside of the ECB decision, US weekly jobs data is due as well as Canadian &
US trade balance figures for April.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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