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Forex Flash: RBA Stevens testimony repeats same old theme - NAB

Following RBA Stevens speech, ultra-dovish NAB economist Spiros Papadopoulos, concludes that "overall, nothing in his remarks thus far to change our view..." The bank looks for further cuts in May and June while still
expecting the RBA to stay pat in March.

Spiros notes: "NAB’s forecast is that growth in 2013 will be just 2.0% (weaker than the RBA’s forecast of 2-3%), and that the unemployment rate will continue to rise as mining investment growth peaks. As evidence accumulates that further stimulus is required to support demand in the economy, more cuts will be needed..."

Forex: AUD/NZD on track for 6th daily gains; 1.2375 resistance eyed

A solid downtrend in place since early this year has been the AUD/NZD, as speculators mounted to bet on a hawkish RBNZ against a still dovish RBA. How much the picture has changed since the strong bounce off 1.2120? Judging by the vigorous AUD rise, looks like buyers are starting to gain short term control, with the 20ema on the daily being under threat.
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Forex: EUR/JPY find bids ahead of 122.00

EUR/JPY is last trading at 122.88, off recent fresh Feb lows at 122.23 printed in late London session, as Japanese PM Abe lands in Washington and debate over who's going to be next BoJ gov starts heating up. The cross has lost -1.21% from previous Asia-Pacific open, mostly on Euro weakness, as EUR/USD dips to fresh 1-month lows at 1.3184 and breaks below ascending trend line coming from July's 1.20s lows.
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