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Forex Flash: UK downgrade to open up additional GBP downside - HSBC

The HSBC FX research team has been advocating for Pound weakness since early this year, a while before the recent decision taken by Moody's to cut the UK's rating.

Following the downgrade, the bank continues to support the bearish calls, saying "the implications for GBP are negative..." adding that "we retain our 2013 year-end forecasts of 1.48 on GBP-USD and 0.91 on EUR-GBP."

Forex: EUR/JPY capped below 125.00

With less than 2 hours to go for HSBC manufacturing PMI China at 01:45 GMT and Nikkei index up +1.60% around the 11560 level, EUR/JPY is higher by +0.92% at 124.22 last, off recent session and weekly highs at 125.00, ahead of Italian election results coming out later on by midday Monday. Headlines coming out over the weekend pointing for Kuoda as the new BoJ chief has weakened the Yen further.
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Forex: GBP/JPY kept below confluence area 142.90/143.00

The dispute between the two main contenders in the ugly currency contest, that is, the Sterling and the Japanese Yen, is currently headed fractionally by the first from a Friday's/Monday's close-open basis.
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