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Forex Flash: Italian drama weighing on EUR/USD - OCBC Bank

Emmanuel Ng of OCBC Bank notes that the baggage from the Italian political deadlock may continue to weigh on EUR/USD in the near term with the pair still looking indecisive around the pivotal 1.3058.

He feels that apart from the Italian bond auctions, rhetoric from Draghi later today may also have an effect but in the near term, the upside bias for the pair has been neutralized and a sustained breach below this support level may open the way lower towards the 200-day MA (1.2838). Looking to Cable, Ng comments that the pair remained heavy footed given the current environment and after the BOE’s Tucker left the door open for further QE and/QE potential GBP weakness. He writes, “We stay negative on GBP prospects in the interim and the 1.5070/00 support is expected to remain under threat.”

Forex Flash: Ben pours oil on troubled waters (again) - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the Fed Chairman Bernanke´s easy money message is unchanged, but ultimately, he asks, “Does Europe care?”
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