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Forex: EUR/USD waits for Bernanke below 1.3200

The bloc currency continues to navigate the area below the key resistance at 1.3200 on Tuesday, ahead of the testimony of Chief B.Bernanke before the US Congress.

“In view of the fiscal consolidation that could hit the US this spring, it is likely that Fed President Bernanke will restate his dovish credentials during his Senate Banking Testimony this afternoon”, commented Jane Foley, Chief Currency Strategist at Rabobank.

At the moment, the cross is up 0.15% at 1.3083 facing the immediate resistance at 1.3123 (MA100d) followed by 1.3319 (high Feb.25) and then 1.3389 (MA21d).
On the downside, a break below 1.3018 (low Jan.7) would accelerate the descent to 1.2998 (low Jan.4) and finally 1.2996 (low Dec.12).

UK: CBI Distributive Trades Survey – Realized down to 8 in February

The UK Distributive Trades Survey – Realized dropped sharply to 8 points in February, from 17 points registered the previous month, according to data released today by the Confederation of British Industry. Analysts expected the indicator to fall only one point to 16.
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Forex: NZD/USD tests February lows

Demand for the greenback on the risk-off backdrop sent the NZD/USD lower to test the February low at 0.8298. The cross is currently trading around late January lows, of 0.8280/95, as the European morning ends and prepares to pass the torch to the US session.
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