ECB CUTS TO 0.25%, DRIVING INSTANT 1% EUR DECLINE
* USD strong following cut, ahead of ECB press conf & nonfarm Friday.
* FX impact of monetary policy is different viewed on a relative basis.
* CAD is flat as market focus is on the majors. Friday employment is risk.
* EUR down over 1.0% as ECB cuts; press conference at 8:30am EST will focus on low inflation and may discuss tools available to fight this.
* GBP is flat as BoE leaves rates on hold at 0.5% & QE at £375bn.
* SEK falls in sympathy with EUR, despite Riksbank talk of financial sta-bility risk.
* NOK is soft on EUR & weak industrial production and manufacturing.
* CHF is flat —SNB FX reserves rise to CHF435bn but no intervention.
* JPY is flat, trading in narrow range with no data or news flow.
* AUD is weak after a disappointing employment release.
* CNY is flat as market awaits October exports and CPI into weekend.
Read full report: FX Daily
Scotiabank