EUR/USD slips to several weeks low as markets gear towards ECB rule- Price is now dropping just below the support region around 1.1334-47 as capital markets are anticipating a more dovish take by the ECB today. The low PMI prints earlier is only helping expectations that the ECB should at the very least acknowledge the economic slowdown area since December 2018.
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Considering how much markets are expecting the ECB to be dovish, the bar is set low for a re-bound in the euro to take place later – as mentioned earlier here. A further move towards 1.1301 ahead of the events later would only mean that markets are pricing in a more dovish take and any disappointment will just see the euro for momentum.
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