Major overnight headlines:
• ECB is “assessing the readiness” of at least one major EMU bank for a negative deposit rate, according to market chatter
• Fed’s Williams says Fed could reduce the pace of asset purchases as “early as summer”, Thomson Reuters reports
• EMU construction output down 7.9% y/y in March versus a revised rise of 1.7% in February
• Japanese machine orders up 2.4% y/y in March versus a fall of 4.9% expected
• Japan’s Abe says Japan has gained a “global understanding” of Abenomics, Bloomberg says
• ECB’s Coeure says subdued credit shows “how long expansive policy needed”, Bloomberg says
• Turkey’s Erdogan says seeking to “speed up” diplomacy to prevent more deaths in Syria, Thomson Reuters says
Click here to read the full report: FX Daily
BMO