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Forex Flash: UK downgrade may begin new secular trend in GBP - Westpac

GBP/USD looks like it may target levels below 1.50, while EUR/GBP gains momentum to trade as high as 89/90 - unless a 'shocker' in the Italian elections -, as the Sterling looses the ‘safe haven’ status, says Robert Rennie, currency strategist at Westpac. However, he points that at these levels, "Sterling starts to look very cheap to us and our interest in beginning to buy GBP on crosses will rise." Robert does not discard that the GBP may weaken further, but "since it has slid by some 7% versus the US$ so far this year argues against this being the beginning of a new secular trend" Robert says.

Forex Flash: NZD/USD expected at 0.87 by year end - NAB

NAB strategists remain constructive on the Kiwi over the medium-term although seems to be favoring the downside in the short term, saying "we find the downside a little more compelling in the near-term."
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Forex: USD/JPY recovers again above 94.00

Following headlines over new BoJ chief election, USD/JPY printed yet another fresh 34-month highs at 94.60 in very early Asia-Pacific trade, up from previous weekly close Friday in the 93.40 area, last at 94.10, settled down around this quote for last 4 hours. Nikkei index rose more than 2% for the day on the news above the 11600 points mark, leading local share markets gains.
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