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USD, JPY on top as US data outstrips EU.......>

FOREX
FOREX: USD, JPY on top as US data outstrips EU
-EUR/USD had the worst session of the week Thursday ahead of the extended Easter
weekend as firm US data contrasted with another poor showing from EU PMI
numbers. Manufacturing PMIs fell below expectations in both France and Germany,
showing few green shoots that would suggest that the ECB's forecasts of an H2
recovery are going to bear fruit. Contrasting with this, US retail sales were
firm, with both control group and ex auto and gas retail sales beating
expectations in March. EUR/USD fell below the $1.1250 mark ahead of the close.
-USD/JPY respected the recent (very tight) range, trading either side of the
Y112 handle for the sixth consecutive session, with JPY staging a minor rally on
the back of report that the BoJ are to trim their growth and inflation forecasts
at their quarterly update next week.
-Unsurprisingly, the economic calendar is particularly light Friday, with most
exchanges closed and a limited open Monday. Risk events pile up next week with
Australian inflation, German IFO and rate decisions from the BoC and BoJ all
due.

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