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Euro Testing 1.38 Level With All Eyes On US Federal Reserve Meeting Today

Euro Testing 1.38 Level with All Eyes on US Federal Reserve Meeting Today

The ECB has flagged the prospect of asset purchases if the euro keeps rising, yet few investors and analysts are convinced that even Japanese-style money printing would decisively weaken the euro. A decisive ECB move to break what many had thought to be a taboo on quantitative easing - at least within Germany-, could cap the euro. But analysts and fund managers think any QE programme would be modest, making a major reversal of the exchange rate unlikely. Underlining the strength of the taboo that would have to be broken, the ECB stands alone among the world's three major central banks in letting its balance sheet contract. Morgan Stanley, said it would take a 1.5-2 trillion euro QE campaign to induce sustained weakness in the euro.

ECB President Mario Draghi told German lawmakers that a quantitative-easing program isn't imminent and is relatively unlikely for now, according to a euro-area official present at the meeting. The central bank stands ready to embark on QE if needed, Draghi said at the gathering attended by lawmakers from parties that form the nation's coalition government, the official told reporters on Monday. The person declined to be identified because the meeting in Germany was private.

German inflation accelerated less than economists forecast in April, increasing pressure on the ECB to take action to add stimulus in the euro area. Inflation, calculated using a harmonized European Union method, was 1.1 percent, up from 0.9 percent in March, the Federal Statistics Office said yesterday. Economists predicted a rate of 1.3 percent, according to the median in a Bloomberg News survey. Now the eyes on Eurostat. The EU's statistics office, will release consumer-price data for the euro area today.

Deutsche Bank AG, was among 15 European banks that had their outlooks cut to negative by Standard & Poor's on the prospect that governments are less likely to provide aid. The outlooks were lowered from stable "to reflect our view that extraordinary government support is likely to diminish as regulators implement resolution frameworks," the ratings firm said today in a statement.

Euro Zone Economic Sentiment falls to 102 yesterday for April from revised 102.5 in March.

Britain's economy racked up its fastest growth in more than six years in early 2014, but a Bank of England interest rate rise is not imminent while the country makes up ground lost after the financial crisis. Output jumped 3.1 percent in the first quarter compared with the same period last year, the biggest rise since the late 2007, the Office for National Statistics said on Tuesday. Gross domestic product rose a quarterly 0.8 percent, gaining a bit of speed from the last three months of 2013. There were also signs of a broader recovery as manufacturing picked up.

"Figures show that Britain is coming back," finance minister George Osborne said. "But we can't take that for granted. We have to carry on working through our long-term economic plan."Bank of England Governor Mark Carney was quoted as saying in a newspaper on Tuesday that the economic recovery is starting to broaden and there are early signs that it will be sustainable. But another policymaker, Ian McCafferty, warned of the risks of raising interest rates too late if the Bank is to carry out its plan to raise rates only gradually.

Trading the News Today: The US Conference Board Consumer Confidence Index®, which had increased in March, declined slightly in April. The Index now stands at 82.3, down from 83.9 in March, data showed on Tuesday.

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