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EUR/USD managed to trade as high as 1.373 overnight but didn’t quite get to the trigger level I suggested yesterday. While it was fairly quiet on the economic front, ECB member Mersch was on the wires reinforcing the idea that June action is highly likely. Weidmann also noted that the ECB is keeping a close eye on the FX market as it assesses what policy action to take. We had already heard from Mario Draghi saying he was concerned about a high exchange rate for the euro.
Later today we only have German PPI to look out for which I doubt will have much of an impact on the euro. However I maintain my bearish stance and remain happy with the current trade parameters.