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EUR still subdued as EU Council conclusion....>

FOREX
FOREX: EUR still subdued as EU Council conclusion disappoints
- The single currency remains under pressure early Friday, extending weakness
against the USD and JPY following the conclusion of yesterday's EU Council
meeting. While hopes were running high of a 'huge' economic response, leaders
failed to agree over whether the package would involve grants or loans. In
response, EUR/JPY touched 115.55 in Asia-Pac trade, the lowest level since H1
2017, with 114.85 now acting as the initial downside target.
- European equities opened lower this morning, keeping a mild bidtone in the
greenback and JPY, but some of these losses are being trimmed at the NY
crossover. US futures have crept back into positive territory in recent trade.
- Newsflow and datapoints this morning have been few and far between, keeping
focus on the myriad options for country's exit strategies from lockdown as well
as the continued volatility in energy prices.
- Data focus switches to March prelim durable goods orders and the final April
print for Uni. of Michigan consumer sentiment. The Russian central bank decision
is also due, with the bank seen trimming rates by 50bps to 5.5%.

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