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Forex Flash: Central bank transparency not embraced by ECB – UBS

According to Research Analyst Garth Berry at UBS, “The BoE may be moving further in a dovish direction, however the market is making part of that determination based on incoming Governor Carney's general commentary, while we believe that policy volatility is not being fully priced into options markets.”

For the ECB, after a strong run fully pricing in a 'whatever it takes' new leadership, investors certainly do appear to be having cold feet over the appointment process; what was supposed to be a one-way trade is proving more difficult. The ECB is certainly on message, but it is one of the handful of central banks which does not publish minutes, and does not intend to do so in the near future; one can only imagine where the euro will be trading right now if the internal clashes over the ECB's role in the crisis were brought out into the open – though one could argue that the splits at one point were already clear enough before Draghi actually uttered 'whatever it takes'.

Forex Flash: Gilts remain entrenched in 114.60-116.60 range – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “The price of Gilts has dipped to the 114.86 region, but found support at the 123.6% projection from the December-January impulse wave. From the safe havens, Gilts look increasingly less attractive as the overall bias remains for a range of 114.60-116.60 with a possible recovery towards 117.80 if the latter is ruptured. However, this is unlikely to happen in the near-term – for the week, we favor a range trade between 114.60 and 116.60. A break of the 114.58 level triggers a move down towards 114.00 and eventually 113.14. Conversely, an upside break points to recovery towards 117.82.”
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Forex: EUR/USD stabilizes around 1.3180

The single currency has rapidly left behind the key support at 1.3200 on Thursday, as the sedative effects of yesterday’s FOMC minutes are still weighting on the cross. The worrisome PMI prints from the euro bloc members are also depressing the sentiment and helping in the downside.
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