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2 May 2013

Forex: EUR/USD around 1.3200 after ECB

FXstreet.com (Barcelona) - The single currency is resuming the upside towards the key resistance at 1.3200 on Thursday, after the ECB delivered a 25 bp rate cut, taking the refi rate to 0.50%, broadly in line with market expectations. The central bank left the deposits rate unchanged at 0.0% and cut 50 bp the lending rate to 1.0%.

At the moment, the cross is up 0.18% at 1.3204 and a break above 1.3243 (high May 1) would aim for 1.3319 (high Feb.25) en route to 1.3343 (61.8% of Feb-Apr slide).
On the flip side, support levels are located at 1.3120 (hourly high Apr.30) ahead of 1.3065 (MA21d) and finally 1.2988 (low Apr.25).
May 2, 2013

EMU: ECB cuts refi rate by 25bp to 0.50% in May

For the first time since July 2012, the ECB has decided to change its refi rate in May 2013, cutting it by 25bp, from 0.75% to 0.50%, in line with consensus. The interest rate on the marginal lending facility will be decreased by 50 basis points to 1.00%. Both changes will be in effect from 8 May 2013. The interest rate on the deposit facility will remain unchanged at 0.00%.
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May 2, 2013

Forex: EUR/GBP wavers after ECB cuts rates

The euro reacted nervously to the ECB decision to cut the rate on the main refinancing operations by 0.25% to 0.5% in May. Even though the shared currency initially weakened and fell to a 2-day low of 0.8432 versus the pound, EUR/GBP – and other EUR crosses – quickly bounced.
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