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EUR nudging higher for now

The single currency is continuing the recovery seen just above the 1.28 level, with the better than expected PMI data from earlier today supporting the move. It’s also clear that the ECB is going to struggle to expand its balance sheet to the degree that they want in the wake of the first round of bids for the TLTRO. This makes the prospect of QE more likely, but at the same time the impression given by the ECB head in recent comments is that that Governing Council are not there yet in securing agreement. This is why the euro bulls are seeing some short-term opportunity, especially in the wake of the weakness seen over the past few sessions.

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