Euro and sterling have both seen some weakness in Asian trade, EUR/USD presently down at 1.3000 from a North American close Friday around 1.3025, while EUR/JPY is down at 145.50 from around 146.70.
The market continues to discount the probability of an ECB rate cut and announcement of quantitative ease at the next ECB meet on May 7. EUR/USD saw a low of 1.2969 posted when sell-stops just below 1.3000 were triggered.
Cable meanwhile has continued its sell-off and this despite better news on the housing front. UK Rightmove house prices were up +1.8% m/m in April and down -7.3% y/y, compared to +0.9% and -9.0% in March.
Nothing of real interest on the European economic data front today.
