A less dovish Draghi came and went yesterday. The Bank of England stood ‘pat,’ while the Bank of Japan’s Kuroda delivered. EUR positions have been squeezed on either side of the current range, but a surging EUR/JPY has left the ‘single’ currency net higher ahead of today’s US payroll release. A percentage of the market is now expecting an increase in outflows from Japan – triggered by the BOJ’s decision to effectively crowd the domestic investor out of any new JGB issuance – will prove even more supportive for the 17- member currency. With Sterling the market was initially unsure, however, their March service PMI ... (full story)