Europe FX Handover 4th April 2019

  • Tight ranges continued to dominate ahead of Friday’s US jobs report. The Aussie remained the strongest currency and pound the weakest.
  • Light day for economic data but we had some negative news from Europe: (1) German factory orders fell 4.2% month-over-month, weighed down by a 6% drop in foreign orders, and (2) reports emerged that Italy may cut 2019 GDP forecast to 0.1% from 1%, leading to a 2019 budget deficit at 2.3-2.4%. The news weighed on the euro and Italian stocks slightly.

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