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Forex Flash: Sell the USD on rallies – Danske Bank

The FOMC minutes are the main event on Wednesday and a potential carrier of fireworks in the European evening. The last minutes have hinted at the possibility of the Fed exiting from the ongoing QE programme sooner than previously estimated, triggering a wave of buying interest in the USD.

“We are likely to see some of the same concerns in the January minutes but the market reaction should be more muted as exit talks should not be a surprise this time around… Thus, if the dollar strengthens tonight, we would view it as a selling opportunity”, suggested C.Tuxen, Senior Analyst at Danske Bank.

Forex Flash: USD/CAD to close above 1.0135 and then target 1.0250 – TD Securities

The CAD stopped following the upward track in US stocks and continues its under-performance since last Friday. “As we have noted recently, there appears to have been a structural break in January in the way the markets operated in the post-crisis environment”, wrote analysts Shaun Osborne and Greg Moore. TD Securities analysts believe “the risk on/off influence on the CAD has faded quickly over the past month or so, with interest rate spreads (i.e. domestic data developments) having more influence over the CAD these days”.
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Forex Flash: Wheeler comments not seen as game-changer for NZD – UBS

According to Research Analyst Gareth Berry at UBS, “the overnight remarks from RBNZ Governor Wheeler suggest a slightly greater intolerance of currency strength. However, at the same time the Governor acknowledged again that that there are no quick fixes or simple solutions to the problem.”
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