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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.

At 15:00 GMT, Fed's Bernanke will give his semi-annual testimony. Given the market reaction to last FOMC meeting minutes, interpreted as less dovish than expected, investors want clearer answers to the question: When will the Fed end QE?

For now, the NZD/USD trades at 0.8290, with strong support at 0.8280/95. If the pair recovers the 0.8300 handle, next stop might be 0.8323 (yesterday's low), 0.8353 (daily high), and then 0.8416 (yesterday's high).

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....
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Forex Flash: Structural liquidity preference for AAA remains strong – UBS

If we look beyond the short-term, structural liquidity preference for 'super AAAs' remains very strong. As such, “marginal allocations by reserve managers and other funds with 'risk averse' mandates' within this group will rise on a nominal basis. To satisfy such demand, it appears that such countries have actually started to increase their issuance; if anything it helps avoid volatility in their own sovereign bond markets.” suggests Research Analyst Gareth Berry at UBS.
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