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12.45 EU ECB monetary policy decision Last 1.0 Exp 1.0 13.30 US Initial Claims Last 457K Exp 450K 13.30 EU ECB Press conference - Trichet Speaking 16.00 US San Fran Fed Hosts meeting on Mortgage Disclosure act / Yellen Speaking
Real money sellers of $/cad taking out the June lows of 1.0140 here - break here next point of note is 1.0100/10 the May lows beyond there Parity. Street chatter of Royal Dutch Shell looking at Cdn oil/gas co. Encana (market cap C$23 billion). So a potentially large EUR/CAD sell trade out there , but dependant once again on the cash component - some people believe this trade will face opposition from the Canadian Government.Eur/$ drifting lower as we consolidate into payrolls still prefer to buy dips 1.3100/05 1.3050 should be ok levels - near term focus on ECB press conference and Initial claims data in the US - Barcap expects 450K vs 457K last week.Cable similarly off the best levels small retail interests at 1.5800 and 1.5750/55. MPC no surprises expected today with the main focus on next weeks inflation report. Eur/£ looks 0.8265/15 near term trade the break for 20/25 points or so.$/yen of the lows as latent bids and a s/t squeeze higher in US yields take us off the lows 86.40/45 and 86.85 pockets of supply
