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Forex Flash: EUR correlations seen to be positive – Westpac

Asian currencies have not been immune from the resurgent USD trend through the course of this week. Most USD/Asia pairs have traded with a firmer bias, albeit while remaining within recent ranges. The ADXY has now dropped a little over 1% from its mid January peak. There are also signs that Asian currencies are starting to realign themselves with traditional drivers (at least compared with the past few years).

Correlations with global equity markets and EUR are turning more positive, while correlations with JPY are easing. “No doubt this latter move has been aided by a range bound environment in USD/JPY. Our sentiment gauge has rolled over and suggests near term sentiment in Asian currencies is skewed to the downside.” warns the Westpac Research Team.

Forex: GBP/USD drops a bit after UK growth forecasts

The EU Commission forecasts the UK 2013 GDP to grow at +0.9%, and +1.9% in 2014. The release of such figures provoked a drop to 1.5258 on the chart. The GBP/USD continues to edge higher on the day, above its opening price of 1.5260.
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Forex Flash: USD/JPY watches Obama talks - OCBC Bank

Emmanuel Ng of oCBC Bank notes that USD/JPY may continue to exhibit a neutral/heavy bias in the near term ahead of the Abe-Obama meeting and with market focus currently diverted towards the Fed.
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