Major overnight headlines:
• BoE says “recovery in sight” for UK economy, sees GDP accelerating to 0.5% in Q2, lowers inflation forecsts
• French Q1 GDP in at -0.2% q/q versus a fall of -0.1% expected
• German Q1 GDP in at 0.1% q/q versus a rise of 0.3% expected
• UK jobless claims down 7.3k in April versus a fall of 3.0k expected
• UK March average weekly earnings down 0.7% y/y, first fall since 2009, Bloomberg says
• EMU Q1 GDP falls 0.2% q/q versus a fall of 0.1% expected
• ECB’s Orphanides says governments try to solve symptoms, not causes, Bloomberg says
• Portugal May 2014 average bill yield at auction 1.23% versus 1.39% on April 17th
• Italian Q1 GDP falls 0.5% q/q versus a fall of 0.4% expected
Click here to read the full report: FX Daily
BMO