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Thursday 9th March 2017

The Euro was unable to gain any traction in European trading on Wednesday, although there was some slight easing of concerns surrounding the French Presidential election.

The Euro was unable to gain any traction in European trading on Wednesday, although there was some slight easing of concerns surrounding the French Presidential election as one opinion poll suggested that centrist Macron could win the first round. There were some concerns surrounding the Dutch election due next week, although Euro-zone bond yields moved higher which provided some degree of currency protection.

There was some caution ahead of Thursday’s ECB policy meeting given the possibility of a slight shift in forward guidance language, although markets are expecting that Draghi will look to maintain a generally dovish policy stance. The Euro overall remained on the defensive around 1.0530 as net yield spreads undermined support for the single currency.

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