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Forex Flash: EUR/USD to bounce on Bernanke testimony - Westpac

Following EUR/USD sell-off from yesterday's weekly highs at 1.3319, the pair is down around -2% at last 1.3052, off fresh 1-month lows at recent 1.3040, with FED's Bernanke due to testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, in Washington DC at 15:00 GMT. “In our view,” say Westap FX Team, “EUR probably still bounces into and during Bernanke’s testimony later today."

“Bernanke is sure to push back against the hawks who have been fretting over the long term costs of Fed asset purchases,” the team think, adding: “He is likely to repeat that the Fed is still well short of its goals when it comes to the US labour market as well. But, beyond a short term pop in EUR there is no denying that EUR is in a clear downtrend from early Feb,” they conclude.

Forex: GBP/USD above 1.52, against all

Cable is currently at 1.5200, off fresh session highs at 1.5222, going against the flow, printing session highs while almost everywhere else sellers are on charge. Highly benefited from massive EUR/GBP sell off, now down -2.65% from early NY session top, Cable has been able to rise from record 2-year lows printed Monday at 1.5068, following Friday's UK Moody's downgrade.
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Forex: Cataclysm in the Euro as Italian politics hit 'punto morto'

Looks like turbulent times lie ahead for the interest of the Euro, as Italy Italy finds itself in a major political mess, with the Senate in a state of deadlock after no party won a majority. The lower house, which will be controlled by Pier Luigi Bersani’s centre-left coalition, does little to help a recovery in sentiment.
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