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EUR: Still reluctant to chase euro much higher – ING

We stick to our call that EUR/USD will start to lose support once crossing 1.040, as the euro remains broadly unattractive from a macro fundamental perspective and Trump has indicated that the EU should be next on the tariff list. A EUR:USD two-year swap rate gap at -185bp is a mirror of that – via the monetary policy channel – and a key disincentive to chase EUR/USD much higher, ING's FX analyst Francesco Pesole notes.

EUR/USD to start losing support once crossing 1.040

"Domestically, the eurozone calendar is quite quiet for the remainder of the week. Trade news will dominate in EUR/USD price action, although we’ll be interested to hear whether the slightly hotter-than-expected inflation figures trigger some minor change in the narrative by ECB members. Chief Economist Philip Lane speaks this afternoon."

"EUR/JPY downside remains interesting. Japanese nominal cash wages accelerated to 4.8% YoY in December, well above the 3.7% consensus. Real earnings were up 0.6% YoY. That reinforces our call for two rate hikes by the Bank of Japan this year and improves the outlook for the yen."

EUR/USD: Unlikely to break clearly above 1.0425 – UOB Group

Euro (EUR) could continue to rise, but any advance is unlikely to break clearly above 1.0425.
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Pound Sterling faces pressure as BoE’s policy decision looms large

The Pound Sterling (GBP) underperforms its major peers, except the US Dollar (USD), on Wednesday as investors turn cautious ahead of the Bank of England’s (BoE) monetary policy decision, which will be announced on Thursday.
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