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Forex Flash: Weak Boeing to retrace last US Durable Goods Orders gains – TD Securities

January home sales are expected to rebound by 1.7% M/M after the -4.3% drop in December, while durable goods orders are expected to undo the entire prior month’s gain at -4.7% in January (TD is slightly lower at -5.0%) thanks to weak Boeing orders, according to TD Securities analysts. “Excluding transportation, TD is looking for orders to fall at a far more modest 0.5% M/M pace (mkt +0.2%), mostly on account of weaker defense orders”, wrote analyst Alvin Pontoh, expecting core capital goods orders to post a modest 0.5% M/M gain in January (mkt +0.2%), “underscoring the ongoing improvement in business capital investment activity momentum”.

Forex Flash: Political uncertainty could unravel Italian economy – Deutsche Bank

Yesterday, Bersani called on all his opponents, including Berlusconi, to back a five-point program of political reform, easing of austerity and job promotion. Angelino Alfano, of Berlusconi's centre-right People of Liberty party, indicated that weeks of tough negotiations lie ahead before a new government takes office, possibly in late March.
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Forex Flash: USD to weaken on today, helping EUR/USD to consolidate - Commerzbank

After last FOMC minutes making investors think the Fed is “hawk in a dove plumage”, Bernanke's speech yesterday “has caused market participants to rethink this view” and Fed's Chairman will speak again today in front of the House of Representatives’ committee. “Just like yesterday he will show his commitment to QE3 and underline that the Fed will support QE3 for as long as necessary and that at present the benefits of QE3 outweigh the risks – even though he discussed the risks in detail”, wrote analyst Antje Praefcke. “The statement in the minutes that “many” FOMC members showed concern about the side effects and risks of QE3 was omitted by Bernanke yesterday”, Praefcke continued, explaining that there was no indication yesterday of a possible end or changes to the scale of QE3 and he will avoid that again today.
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