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EUR boosted by ECB Lagarde

FOREX
  • Early mover in FX, was in Asia, with USDCNY and USDCNH falling close to 3 big figures, after Biden said that Chinese tariffs imposed by the Trump administration were under consideration.
  • Although not all good news regarding potential relations, after Biden replied "yes" when asked if he was willing to defend Taiwan.
  • CNY and CNH are now off their highs at the time of typing.
  • In G10, the Pound extended gains, with over pips range, as the Dollar trades on the back foot, helped by some recovery in Equities, but note that risk is edging back towards their session lows.
  • Next upside target for Cable is at 1.2600, followed by 1.2638 High May 4 and a key resistance.
  • EUR found some support and has seen some broader base buying, following ECB Lagarde's Hawkish comments.
  • "I expect net purchases under the APP to end very early in the third quarter. This would allow us a rate lift-off at our meeting in July, in line with our forward guidance. Based on the current outlook, we are likely to be in a position to exit negative interest rates by the end of the third quarter."
  • The currency test session high versus CHF, USD, CAD, JPY, CNH, GBP, and pare some of its losses against the Kiwi and AUD.
  • Looking ahead, focus is on speakers, with no tier 1 data to start the week.
  • Today includes, ECB de Cos, Holzmann, Nagel, Villeroy, BoE Bailey, and Fed Bostic.
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