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Forex Flash: EUR/USD seen at 1.2600 in 3 months - UBS

FXstreet.com (Córdoba) - Eurozone GDP data for the first quarter was weaker than expected, showing a contraction of 0.2% QoQ after a drop of 0.6% QoQ in 4Q12, notes the UBS analyst team. "Rather disappointing German GDP growth of only 0.1% qoq contributed to this negative surprise".

"The EURUSD fell below 1.29 on the news. If anything, the very slow stabilization into the second half of the year should increase the ECB's focus on more accommodative monetary policy measures", UBS comments. "We thus keep our EURUSD forecast at 1.26 in 3 months".

Forex: GBP/JPY is unable to break above 156.00

After falling from 156.45 to trade at intra-day lows at 155.35 in the European session, the GBP/JPY bounced back to test the 156.00 area but the pair was unable to break above this area. Currently the pair is trading at 155.55.
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Forex Flash: US CPI to fall 0.3% MoM and to slow to 1.2% YoY in April - RBS

The US Bureau of Labor Statistics is scheduled to publish the April consumer price index on Thursday April 16 at 12:30 GMT (8:30 EST). Market expects a 0.2% monthly decline and a slowdown to 1.5% YoY on April. However, RBS' analyst team sees a deeper decline of 0.3% in prices between March and April.
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