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Forex: GBP/USD in lows around 1.5025/30

The sterling is trading on the back foot on Monday, extending Friday’s correction lower and testing fresh intraday lows in the vicinity of 1.5020, as risk appetite is shrinking on Chinese woes.

Key week ahead for the sterling, as the BoE will hold its monetary policy meeting. The sterling is posed to suffer, as the likeliness of further easing by the central bank has grown bigger as of late.

At the moment, GBP/USD is losing 0.10% at 1.5027 facing the immediate support at the psychological level at 1.5000 followed by 1.4949 (low Jul.12 2010) and then 1.4873 (low Jul.1 2010).
On the upside, a breakout of 1.5173 (hourly high Mar.1) would expose 1.5223 (high Feb.28) and then 1.5235 (MA10d).

Forex: EUR/USD hovering over 1.3000

The single currency is testing the psychological support at 1.3000 on Monday, trading in a softer tone as risk aversion is creeping back to the markets...
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Asian markets plunge on China's property market cooling measures

Asian equity markets closed mostly lower on the first Monday of March. Hong Kong's Hang Seng (-1.63%), South Korea's Kospi (-0.66%) and China's Shanghai Composite (-3.65%) are good examples of Asian reaction to China's fresh property market cooling measures. “China’s State Council has given local governments greater powers to cool the property sector in their own cities, including by raising taxes on profits on sales of second homes and increasing required mortgage down payments/interest rates, also for second homes”, wrote TD Securities analyst Alvin Pontoh.
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