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ECB HAWKS PROMPT MODEST EURO REPRIEVE ECB Officials have been out in force over the past 24hours attempting to talk up prospects of a July rate increase. Among the more notable comments stemmed from ECB’s Villeroy, who stated that there is a reasonable case to raise rates into positive territory by year end. What’s more the ECB policymaker also stated that a too weak Euro would jeopardise price stability objective. In turn, this has led to a modest recovery in the single currency with EUR/USD testing 1.0600. However, with the outlook for the Euro Area much more bleak than the US, I suspect the bias remains fading rallies in EUR/USD.