The mood remains lacklustre, both in global equity markets and in the forex realm. Uncertainty about the extent of extra stimulus the ECB is set to deliver tomorrow and yesterday's near-record dive in Chinese exports have left investors on the sidelines. Japanese data today didn't help, with machine orders tumbling 22.6% y/y in February, the seventh straight month of decline. The PBoC set the yuan reference rate weaker, by 0.1%, after four consecutive days of strengthening, a small move but symbolic in the wake of the export data shocker.
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