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While the yen is taking a break, the euro moves above the critical 1.1460 level. Is this a real break or just another fakeout from this problematic pair? The ISM Manufacturing PMI is the key event for today as it serves as a hint for Friday’s Non-Farm Payrolls. Also watch out for the RBA decision: nothing is fully priced in, not for the current meeting and not for future ones so we could see wild moves in a busy week for the Australian dollar.

Wrap up of the morning show for May 2nd: