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Forex: EUR/USD below opening price

A first European money flow sent the EUR/USD down, below its opening price of 1.3350, coming to as low as 1.3334, but within the narrow trading range of the week, with the lower band at 1.3322. Investors are waiting for the ZEW survey in Germany and EMU to have something to price in. EMU construction output may also help.

Commerzbank analysts see 1.3282/56 as target, but “the risks have increased that we will see an eventual break down through here towards the more important 1.3202 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones. "Only a recovery above 1.3520 would neutralize the immediate outlook”, she added.

Forex Flash: BoJ adjusts framework – UBS

Overnight the BoJ minutes from the Jan 21-22 meeting contained fresh insights into current thinking on the policy board (at this meeting the BoJ shifted to a 2% inflation target, and adopted an open-ended framework for asset purchase guidance). First, the explicit desire to affect the yen remains – a few members thought it important to increase the T-Bill purchase target from the viewpoint of exerting influence on the foreign exchange market through a decline in yields.
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Forex: USD/CAD limited trading range, settles at 1.0110/11

The USD/CAD has been glued to a 17-pip trading range Tuesday as of morning during European trading (1.0099 session low – 1.0116 session high). As investors return from holiday, the pair seems to have failed to move based on any particular catalyst thus far. At the time of writing, the cross has notched marginal gains of +0.02%, trading at 1.0110/11.
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