European currencies are strong others are flat as the market digests what has generally been growth supportive developments this week. A non‐event Fed meeting, stronger than expected manufacturing PMI from the UK and as expected from China, the European May Day/Labour Day holiday, a decreasing risk of ECB QE action and a wait and see approach to global central bank policy have been the key drivers. Today, Chair Yellen speaks at 8:30am EST, her comments will be closely watched for clues on interest rates; there is also a slew of relevant data, including: ISM, PCE, claims, etc.
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Scotiabank