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Forex Flash: RBA minutes eyed - NAB

The key event in the Asian calendar today will be the release of the Board Minutes from the 5 February RBA Board meeting, notes the NAB strategy team.

NAB adds: "These Minutes should have been superseded by the 68 page quarterly Statement on Monetary Policy, released on 8 February but from time to time do give us some added clarity on the key thinking of policy makers at the last meeting."

"Our reading of the SMP was that the RBA was reasonably comfortably on hold at the March meeting. Hard to see this conclusion being stymied in today’s Minutes - still worth a careful read though" the bank concludes.

Forex: USD/JPY in the midst of a topping process?

The USD/JPY continues its resilience by floating around the 94.00 area. Some analysts like FXA partner David Solin still suspects the pair is providing indications of building what he calls a 'complex topping formation' above 94.00; he, however, does not rule out that since every market participant is monitoring the potential head and shoulder pattern develop, "it raises the risk that this ideal scenario does not work out" he said. The logic behind is that the more a pattern is followed by a broad-based audience, the riskier it is that it ends up working in one's favour
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Forex Flash: Stronger Indian Rupee in 2013 towards 53.2 – TDS

According to TD Securities analysts: “Worries of a difficult debate over the new budget may continue to weigh on INR performance. However, we continue to see stronger rupee in 2013 towards 53.2 in
Q1 on reforms, slower inflation, and the RBI assisting growth,” they explain.
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