Maintain an EUR bullish bias post-ECB - Nomura

FX Strategy Research Team at Nomura maintain a bullish outlook for the Euro beyond the ECB meeting while adding that the European politics will be less important for EUR trading. 

Key Quotes:

"Political developments in two major periphery countries, Italy and Spain, are the main focus at the moment. Nonetheless, we see three reasons for a less significant EUR reaction than occurred ahead of French election (especially against JPY and USD):

1) apparently much lower EUR sensitivity to peripheral spreads, 2) higher EUR sensitivity to rate spreads and data as the ECB prepares to start policy normalization, and 3) much smaller exposure to Spanish and Italian bonds outside the euro area,"

"Thus, we recommend maintaining an EUR bullish bias,"