European Market Update

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Summary

European Market Update – Key movers overnight have been Sterling and Yen. USDJPY popped back above 111.0 during Tokyo trade, extending the rebound from yesterday’s 13-day low at 110.66. Japanese industrial production rose 4% m/m in the preliminary estimate for April, up form the 1.9% m/m decline in March but below the Reuters median forecast for a 4.3% growth outcome. However USDJPY it bounced down again below 111.00, prompting for us a short position.