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Forex Flash: EUR/USD faces weakness near-term – Danske Bank

The single currency is still suffering the sedative effects from the Italian elections, trading in levels below the key mark at 1.3200 on Tuesday.

A.Lohman Rasmussen, Chief Analyst at Danske Bank, expects further downside pressure in the cross due to the renewed uncertainties around Italy and the last positioning report. “However, we certainly do not call a trend-reversal in EUR/USD. The OMT programme is still in place, EONIA rates have already corrected significantly lower and the underlying risk sentiment is in our view still intact”, concluded the expert.

Forex Flash: Fed's Bernanke speech about QE as main focus – TD Securities

More important than US housing reports (house prices for December and new home sales for January) and Conference Board’s consumer confidence index for February (“where markets are looking for a bounce from the 14-month low of 58.6 up to 61.2”), TD Securities analysts point to Fed Bernanke’s semi-annual testimony to the Senate Banking Committee at 15:00 GMT as the main focus of the day. “This will be the first update since the Fed adopted open-ended QE, and there is little doubt that Congress will be interested in exactly how and when the Fed will end the program”, wrote analyst Annette Beacher. “Aside from Bernanke’s updated outlook on the economy (probably slightly more upbeat), the market will be looking for any further clarification on when QE will end and what specific triggers the Fed may use to gauge the end of the program”, she added.
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European markets lower on Italian results, Italy stocks drown -4.60%

The Italian FTSE MIB, drowing by -4.60%, shows investors' concerns over inconclusive results of the Italian elections that are likely to lead to a return to the polls. The Anti-austerity vote was sound and clear. Italian regulators are in talks with the stock exchange and thinking of banning short selling temporarily to keep markets from high volatility during these uncertain times post-elections.
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