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Forex: USD/CHF rises on Bernanke, eyes on Bersani

The USD/CHF, held by 0.9300, jumped as Fed's Bernanke gave a less dovish speech before the US Senate Banking Committee. The Central Bank's Chairman defended QE until substantial labor market gains. The pair is moving higher, currently at 0.9328.

Conference Board's consumer confidence jumped from 58.6 to 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.

Now, the market will be focused on Italy's Democratic Party leader Bersani that is going to speak at 16:00 GMT. Investors want to know his party's position on the current political stalemate.

Mataf.net analysts point to resistance at 0.9325, 0.9340 and 0.9360. On the downside, supports might be found at 0.9285, 0.9265 and 0.9230.

Forex: GBP/USD falls on Fed comments to 1.5129/34

The GBP/USD has been on the losing end of the comments out of the Fed testimony today, entrenching itself in negative territory on the heels of the announcement earlier today. At the time of writing, the pair is recording fresh session lows at 1.5129/34, down -0.18%.
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Forex Flash: Italy's next government has to deliver change soon – Merrill Lynch

The Italian election result proves the electorate is strongly voicing a need for change to re-start economic growth, job creation and overall welfare, according to Merrill Lynch analysts. “The detailed breakdown shows the centre left under-performed expectations, losing seven major and registering a narrow victory in many others. On the right side, the Northern League, Berlusconi's ally, comes out significantly weakened in two of its three key regions: Piedmont and Veneto”. In the analysts view, a coalition between PD and Five Stars Movement is viable since they share similar views on institutional reforms, public administration improvements and liberalization measures, but negotiations may be difficult in the coming weeks. Also, the next government will likely have to deliver change or it may soon lose the mandate.
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