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Forex: EUR/JPY pressured after EMU money supply

The EUR/JPY is dropping on the release of EMU money supply data, moving below 120.00 and currently at 119.80 (-0.30% on the day). Following Monday's plunge, the cross remains entrenched between 119.00 and 121.00, finding harmony around 120.00.

EMU M3 money supply eased from 3.7% to 3.5% (3m) in January, but rose from 3.3% to 3.5% (consensus of 3.2%) in the annualized basis. Private loans contracted -0.9%, more than the -0.6% expected.

“The recent sell off was damaging and we would allow for an extension of losses to 117.29 then 114.07, this is the 38.2% and 50% retracements of the move up from November”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 122.16.

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Forex: USD/CHF hangs onto 0.9300 level following EMU data

The USD/CHF has moved off its European highs of 0.9335, as the pair has crossed the threshold into negative territory Wednesday on the heels of some uneven data out of the EMU. Ultimately, the cross has not lost its grasp on the key 0.9300 barrier, however the pair has settled at 0.9308/13 in these moments, off -0.10% from its opening.
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