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EURO-YEN: EUR/JPY already probes the water under a three-year low printed
yesterday amid a broader EUR weakness. The single currency came under pressure
as German Constitutional Court issued a ruling criticising the ECB's
bond-purchase scheme and gave Pres Lagarde & Co. three months to prove that the
programme complies with EU law.
- German FinMin Scholz poured cold water on the ruling, stressing the bits of 
the lawsuit dismissed by the Court. He stressed that judges said that
bond-buying is not equivalent to monetary financing. The ECB responded to the
verdict by reiterating its commitment to boosting inflation and reminding an
earlier decision from the ECJ, which ruled in favour of the legality of QE. EU
Commission spokesman commented by asserting the primacy of EU over local law.
- EUR/JPY sits -20 pips at Y115.37. The psychological Y115.00 barrier provides
the initial bearish target, followed by 17 Apr 2017 low of Y114.85. Bullish
focus falls on yesterday's high of Y116.57.
- German factory orders, some services/composite PMIs from across the EZ and
comments from ECB's Muller and Villeroy headline the regional docket today.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |

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