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Euro Mixed Ahead Of Eurogroup Meeting

Published 04/24/2015, 07:36 AM
Updated 03/09/2019, 08:30 AM

Euro is mixed as markets await Eurogroup meeting in Latvia, where Greece will be pressured to commit to economic reforms for getting disbursement of financial aids that the country needs. Greek prime minister Alexis Tsipras "urged" acceleration in the negotiation so that a deal could be struck be the end of the month. And he noted that "a big part of the distance has been covered" and "we are closer than before. Nonetheless, earlier this week, European Commission Vice president Valdis Dombrovskis said that an agreement couldn't be made before May. Also, even Greek Finance Minister Yanis Varoufakis said earlier that the Latvian meeting is "too soon" to make a agreement. And he noted that "the best chance for success is an accord that leaves all parties somewhat unsatisfied".

Elsewhere Canadian dollar is so far the strongest major currency this week as lifted by rally in crude oil. WTI resumed recent rise and reached as high as 58.41 yesterday and and lifted the Loonie. USD/CAD is possibly now heading for a test on last week's low of 1.2086. On the other hand, New Zealand dollar suffered some selling and is so far the weakest major currency this week. The Kiwi was pressured after RBNZ assistance governor John McDermott said that the central bank is not considering a rate hike at present. On the other hand, RBNZ is looking at signs o weakness in demand and inflation that might warrant a rate cut. Markets perceived that RBNZ is shifting to a neutral bias with downside risks.

On the data front, Japan corporate service price index rose 3.2% yoy in March. All industry activity index rose 0.1% mom in February. German Ifo business climate is the main feature in European session and is expected to show improvement in April. US will release durable goods orders.

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