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EUR Net Unchanged After ECB; GBP In Choppy Trade

EUR Net Unchanged After ECB; GBP In Choppy Trade

Daily FX Wrap: OPEC failed to address production levels, but to little effect on oil. DoE reported a draw to keep CAD supported. EUR net unchanged after the ECB, who take on a wait and see stance for now. GBP choppy. AUD finds support.

It was day carrying plenty of risk events, dominated by the OPEC meeting and the ECB rate decision and press conference. The former failed to secure an agreement on oil production, but this failed to have any material impact on oil prices, though few expected any coordinated action. USD/CAD did push back above 1.3100, holding there ahead of the DoE report but tentatively so as a smaller draw (than expected) was reported but one which went against the build reported in the API the previous evening.

EUR/USD in the meantime was pushing higher ahead of the ECB, briefly taking out the previous session highs to hit 1.1220, but struggling beyond that during the press conference to test lower again later in the day and in the aftermath. Draghi and Co alluded to a wait and see policy, looking for the effects of the March policy actions to filter through to the real economy. Spot now looking to test the lower half of the 1.1100 range, where we have met with strong support in recent sessions. Elsewhere, AUD/USD was pressed down to .7200 but met with good support at these levels.

USD/JPY has been edging lower in the meantime, and now grapples with support in the mid 108.00’s. Through here sees us testing 108.00 and beyond, but this will largely depend on Wall Street and non-farm payrolls Friday. GBP has been choppy, led by the EUR/GBP rate, which has dropped off a little, though buyers lying in wait lower down as the uncertainty factor over the EU referendum keeps the pound well offered.

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