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Forex: USD/CHF consolidates gains ahead of Germany manufacturing PMI

Lack of consensus by key key members on extending US QE revealed by the FOMC meeting minutes triggered a jump in the USD/CHF, followed by a steady upside throughout the Asian session that peaked at the 0.9300 level.

The market is currently consolidating the move, as it trades ahead of Markit PMI data in the Eurozone. The preliminary release for February figures should reveal a return of Germany to expansionary pace (from 49.8 to 50.5) in manufacturing.

Resistance is seen by Commerzbank analysts at 0.9324 (channel) and 0.9390 December high: “The market needs to clear 0.9390 on a closing basis to restore an upside bias longer term. This resistance is reinforced by the .9352 55 week MA”, wrote analyst Karen Jones.

Forex: USD/JPY down, held by 93.35/40

The USD/JPY spiked to 94.03 high on FOMC minutes and key members' lack of consensus on extending US QE. With 93.80 resistance at work, the pair fell during the Asian shift, but has been holding at 93.35/40 since.
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Forex Flash: French PMI to underperform Germany's – TD Securities

TD Securities analysts expect the flash PMIs for February to show a similar pattern to January, with France underperforming Germany. “We see downside risks to the improvement expected by consensus in the French PMI (mkt from 42.9 to 43.8) but the German manufacturing PMI should manage to edge above 50 (mkt 50.5) given the stabilization in new orders in the January report”, wrote analyst Annette Beacher.
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