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Forex Flash: USD index targets 1 month high of 83.5 – Westpac

The USD index has edged for a few weeks, however in the wake of the sharp deterioration in EZ financial conditions, and linked to that the resurgence in EZ political risk there exists a definitive threat to this trend. According to the Westpac Strategy Team, “A USD supportive event risk mosaic next week, including a likely dovish Draghi press conference, will likely minimal progress towards the formation of a governing coalition in Italy and the headlong rush into the sequester, should boost the USD yet further. Our fresh 1 month target is for a run towards 83.5, just shy of the July 2012 highs.”

In the United States, the services ISM (Tuesday) and February payrolls the key releases in the week ahead. The consensus forecast for a 150k gain seem a touch on the high side given the mild drift higher in jobless claims through February. “We see risks that the payrolls trend in coming months shifts down as fiscal and gasoline headwinds start to shackle the economy.” the team warns.

Forex Flash: EUR/CAD support at 40-day MA holding – TD Securities

The EUR/CAD has been under consolidation. "With support at the 40-day MA holding, and reinforcing the recent range low in the 1.3340/45 area, a modest squeeze up in the cross may be on the cards", wrote analysts Shaun Osborne and Greg Moore, seeing the bull trend momentum weakening, but still constructive for the EUR "and a push through the 40-day signal at 1.3464 should allow for a minor extension of the rebound towards 1.36", they added.
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Forex: EUR/JPY in session lows around 120.50/55

The sentiment surrounding the euro is under increasing pressure on Thursday, dragging the cross to fresh intraday lows in the area of 120.50/55...
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