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Currency Monitor 2012-05-30

May 30, 2012
  • EUR weakens on reports the ECB rejects Spain's plan to recapitalise its banks with sovereign debt
  • EU officials against the ESM directly funding banks; Nowotny says ECB is not considering purchasing bonds
  • EUR/JPY sinks as BOJ deputy governor says further easing may not be needed to reach inflation target
  • GBP gains versus EUR as BOE says stopping QE was justified on the inflation outlook
  • Commodity currencies struggle on reports China doesn't plan another "massive stimulus plan." However, it does at least imply some easing
  • AUD short positions are the biggest in four years, suggesting an RBA rate cut is largely priced in