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Forex pairs in this Article » EUR/USD (London) - Today’s data releases and speeches in the Eurozone and US may be overshadowed by anticipation of events later in the week.

ECB president Mario Draghi speaks this afternoon, though it is unlikely that he will say anything significant ahead of Thursday’s ECB meeting. The Euro has come under pressure since last week’s weak inflation numbers hinted at the possibility of a further ECB rate hike.

The euro remains under pressure, down 0.12 percent to USD1.3496.

UK services PMI due today is expected to follow the trend set by construction, with a moderate drop from last month’s 60.3 to 60.0, but the UK’s robust recovery could provide some surprise to the upside.

US non-manufacturing numbers are due, but with such heavy market focus on Thursday’s GDP numbers and non-farm payrolls on Friday, they are unlikely to cause any significant moves either way.

The Reserve Bank of Australia held its cash rate at 2.5 percent while expressing concern over AUD strength and its effects on Australian exporters. AUD/USD currently stands at USD0.9481, down from 23 October highs at USD0.9701 and under pressure following RBA concerns over the effects of the strong AUD.

Despite concerns over Aussie dollar strength, the post-rate decision communication from the central bank was upbeat about the strength of non-mining activity, which it expects to increase at a faster pace.
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