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Forex Flash: GBP/USD would face further downside – Commerzbank

The sterling pierced the psychological 1.5000 handle for a few moments, although it still remains hovering over the area, as the bearishness continues to drive risk-associated assets to fresh lows, and in this particular case, to levels last seen in July 2010

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested that technical studies – Elliot wave count – would infer a bounce to 1.5265, even 1.5380, just to fall afterwards. “While capped by the 1.5554 accelerated downtrend an immediate downside bias is maintained”, concluded the expert.

Forex Flash: Italian yields fall on coalition hopes – Deutsche Bank

In Europe, Italian bond yields fell 8bps on the day to 4.734% on hopes that a coalition government will be formed. This comes on the back of news that flagged investors’ attention, in which the Finance Undersecretary Gianfranco Polillo said that a union between Bersani and Berlusconi was the 'only possible way'. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “As we await for further clarity, Berlusconi is under investigation on suspicion of bribing a senator to change sides in parliament although his lawyer has denied the claim.”
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Forex: USD/JPY breaks above 93.00

The US dollar continues to strengthen across the board, having recently broken above the 93.00 mark against the yen to hit its highest level since Monday, underpinned by better-than-expected US PMI and consumer confidence.
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