EUR: De Guindos rows back on the divergence theme Some headlines have emerged this morning following an interview given to Le Monde by the European Central Bank's vice president, Luis de Guindos. He has effectively said that a June rate cut from the ECB is a done deal (barring new shocks of course), but also that what the Fed does is crucial for the global economy and the euro area. He adds that EUR/USD is a channel through which Fed policy affects the euro area and that the ECB will take this into account. It may be too much to read this as gentle ECB pushback against recent EUR/USD weakness.  For today, we are looking for some further modest advances in flash PMIs for the eurozone, Germany and France. Given that weak readings here did some damage to the euro last autumn, a modest recovery now could offer the euro a little support. However, we see that expressed more through EUR/GBP than through EUR/USD.