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EUR hurt by ECB’s headlines – OCBC Bank

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, noted the impact on the single currency of yesterday’s comments by ECB officials Coeure and Noyer.

Key Quotes

“Reported QE comments from the ECB’s Coeure precipitated a flood of broad dollar strength on Tuesday with the EUR-USD slumping to 1.1118 by late NY”.

“The ECB’s Coeure noted that the recent reversal bunds was not a concern but the rapidity of the reversal was worrying”.

“Crucially, he revealed that the ECB’s asset buying would rise slightly (frontloaded) in May/June while September may witness some back loading as liquidity is expected to improve”.

“The ECB’s Noyer also chimed in later in the session by noting that the ECB was ready to “go further if necessary” to maintain its inflation mandate”.

EUR/USD muted near 1.1150

The shared currency continues to trade around a flat line against American dollar in the early European trades, keeping EUR/USD around the midpoint of 1.11 handle. The major remains subdued ahead of a calm European session as markets shift their attention towards the biggest market mover of this week – Fed April meeting minutes due later today.
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Gold prices hover around 200-DMA

Gold prices weakened slightly in the Asian session to trade at 200-DMA located at USD 1207.28/Oz as the strong US housing data released in the previous session.
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