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Flash: Bernanke testimony to overshadow FOMC minutes - BNZ

FXstreet.com (Barcelona) - Less than 16 hours away from Fed Bernanke testifying on the Economic Outlook and Monetary Policy before the Joint Economic Committee in Washington DC at 14:00 GMT, the EUR/USD is again above the 1.29 handle, last at 1.2917.

Mike Jones, Currency Strategist at BNZ, believes that “looking ahead, tonight’s testimony from Bernanke will be an important test of USD sentiment. It will certainly overshadow the FOMC minutes due to be released a few hours later,” Mike says.

According to the analyst, “the USD reaction to Bernanke largely depends on whether or not he will offer any firm guidance on the Fed’s QE exit strategy. A commitment to stay the QE course and no mention of tapering would be consistent with weakness in the USD. Alternatively, hints a tapering of asset purchases could begin as early as later this year would rejuvenate the USD rally. Under this scenario, the EUR/USD would likely re-test the recent lows around 1.2800, with USD/JPY pushing up to the 103 highs,” he concludes.

Flash: EUR/USD, H&S continuation pattern implies downtrend resumed - JPMorgan

The fall in EUR/USD from 1.3243 implies that the right shoulder top of a broader H & S continuation pattern is already in place and that the broader downtrend has been resumed, says John Normand, global head of FX at JPMorgan.
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Flash: USD/CAD above 1.03 a bridge too far for the week ahead - Westpac

According to Westpac FX Strategy Team, their holdings on CAD positions have been growing since mid-March.
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