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Forex Flash: EUR subdued - Commerzbank

FXstreet.com (London) - Commerzbank Analyst Karen Jones say’s that the EUR/USD remains subdued, holding sideways at the base of the cloud and the Fibonacci support at 1.2916/30. She expects intraday rallies to fail at 1.2977/1.3030 and her team are now looking for the next leg lower. She see’s initial support is 1.2839, the 78.6% retracement and the last defence for the 1.2740 recent low.

EMU: Annual GDP contraction accelerates slightly in Q1, as expected

On an annual basis EMU GDP decreased 1% in Q1 2013, slightly down from the 0.9% fall registered the previous quarter, according to data released today by Eurostat. This result is almost in line with market consensus of -0.9%.
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Switzerland: ZEW Survey - Expectations plunges to 2.2 in May

The Swiss ZEW Survey - Expectations decreased to 2.2 in May from 20 in April, according to data released by the Centre for European Economic Research. Market consensus pointed to a rise to 25.
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