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Forex Flash: Euro failed to break 1.30 and may be in a range - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale suspects that with the recent failure to break below 1.30, EUR/USD may be in a range between 1.30-3250.

He adds that he will be keeping an eye on Italian Bond yields, with 10 year yields back down a bit but at 4.75% but still remaining twice as high as any other G7 country’s and 35bp higher than they were last Friday. he finishes by writing, “GBP/USD probably has more shorts than EUR/USD and can squeeze higher too, but EUR/NOK would also move higher if Norwegian retail sales data are soft.”

Forex Flash: Fed does not have the tools to overcome sequestration – UBS

Yesterday, Fed Chairman Bernanke warned about the economic costs of political brinkmanship – “in particular, repeated episodes where Congress is unable to reach an agreement and adjustments take effect automatically, which could have the potential to unravel confidence, notes Research Analyst Gareth Berry at UBS. Again he recommended replacing the upcoming sequester with a smaller package introduced more gradually and then backloaded further out to compensate.
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Forex Flash: Yen weakens as markets stabilize after election shock - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the yen and the Dollar have continued to give back some of their recent gains following the shock Italian election results as financial market conditions are gradually stabilizing again.
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