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Asian markets rise on US Obama speech, Japan's Nikkei takes profit on G7 commmuniqué

Japan's Nikkei Stock Average allowed profit taking, dropping -0.24% on the day, while Hong Kong's Hang Seng (+0.16%), China's Shanghai Composite (+0.57%), South Korea's Kospi (+1.56%) and India's Bombay Sensitive (+0.52%), rose like the majority of Asian indexes today.

Most Asian equities performed higher after US President Obama used his State of the Union, where he proposed lifting the minimum wage from $7.25/hr to $9, announce a new US-EU bilateral trade deal, and called for Congress to deal with the sequester that will take effect on March 1. Japan's Nikkei Stock Average, that has been benefiting from BoJ and government talking down the Yen, went for profit taking today in reaction to the G7 FX communiqué.

The German DAX 30 (+0.33%) is signaling a higher opening after German Wholesale Price Index, up 0.3% (MoM), but easing from +3.2% to +2.3% (YoY) while consensus was for +2.2%.

Forex: GBP/USD flat around 1.5660/65

After dipping to year lows in the vicinity of 1.5565/70, the sterling picked up pace and managed not only to regain 1.5600 but also to climb near 1.5690 overnight.....
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Forex Flash: EUR/USD targets 1.3270/56 and may have topped - Commerzbank

Commerzbank analysts believe the current rebound should terminate circa 1.3472/1.3518 (50% retracement of the recent sell off) and continue targeting 1.3270/56: “This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3246 3 month support line”, wrote analyst Karen Jones, suspecting “that the market may well have topped, however key support remains the 1.3164 7 month uptrend and a close below here is required to negate the up move completely”. Commerzbank analysts point to recovery above 1.3570 to neutralize the immediate outlook and potentially re-target the 1.3711 February high.
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