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Forex: EUR/USD tumbles after US data and Fed's Bernanke on QE

The EUR/USD is tumbling as Fed's Bernanke speaks to the Senate Banking Committee, defending QE until substantial labor market gains. Also on the back of a stronger greenback are improving housing, manufacturing and consumer confidence figures.

Conference Board's consumer confidence jumped from 58.6 yo 69.6 in February, beating consensus of 61.0.

The housing index of New Home Sales rose 15.6% from 0.378M (revised from 0.369M) to 0.437M in January, surprising consensus that was pointing to 0.381M.

Richmond Fed Manufacturing Index rose to positive ground in February, from -12 to 6, beating consensus of -4.

Having spiked to 1.3121 high, the EUR/USD is already down to 1.3063. FXstreet.com independent analyst Valeria Bednarik points to support at 1.2950, 1.2990 and 1.3035. On the downside, supports might be found at 1.3185, 1.3150 and 1.3120.

Fundamental Afternoon Wrap: The Italian Job

This afternoons institutional research continues, understandably, with the Italian theme very much in focus. With the rise of the Five Star Party looking like an all mighty protest vote from a tired electorate, many analysts feel that there is an inevitability in further Italian elections. Elsewhere, focus has fallen on Fed Chairman Bernanke´s testimony today, with him reaffirming the banks commitment to easing, following a perceived misinterpretation of the last FOMC minutes.
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Forex: USD/CAD breaks above 1.0275 to trade at 8-month highs

Following a 30 pips upside movement from 1.0250, the USD/CAD has finally broken above the 1.0275 key resistance to reach levels not seen since June 2012 at 1.0290. Currently the pair is trading at 1.0290, 0.25% above opening price action.
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