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EUR is underpinned by ECB comments

FOREX
  • EUR trades in the green against all the majors, keeping the lid on Govies.
  • Earlier comment from ECB Villeroy: "Sees consensus on normalizing Policy, sees a decisive June meeting, too weak EUR goes against the ECB price stability goals."
  • EU have also upped their inflation forecast, from 2.7% in 2023, up From 1.7% previously, and Inflation at 6.1% in 2022, up From 3.5% Previously.
  • The Dollar still holds onto gains, a continuation from the overnight session, as Risk was tilted to the downside, but Equities have recovered from their lows.
  • EUR and the CAD are the only Currencies in the green in G10 versus the Greenback.
  • CNH has extended losses against the USD and the EUR, following the Chinese retail sales and Industrial output miss overnight.
  • Friday's high and the highest print since Sep 2020 comes at 6.8380 for USDCNH, and will be seen as the initial resistance, printed a 6.8205 high at the time of typing.
  • AUD remains the worst performer in G10 against the USD, but the AUDUSD pair is fading from the session low.
  • Looking ahead, there's very little in terms of market moving data to start the week.
  • Speakers still scheduled, Fed Williams, BoE Bailey, Ramsden, Haskel, Saunders answer questions from the Treasury Committee.
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