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Forex: USD/JPY sideways, ignoring Kuroda

The USD/JPY is currently limited to the range of 93.30/70 after both moves higher and lower during the Asian session. Since then, the pair has been trading sideways under a very tight range.

"BoJ Governor-nominee Kuroda struck an unmistakably dovish tone overnight, advocating a range of additional easing measures in order combat deflation", wrote UBS analyst Gareth Berry. "He was careful to avoid sounding too radical though £££ explicitly ruling out directly underwriting JGBs for example. This arguably boosts his chances of securing parliamentary confirmation by not raising too many eyebrows amongst the DPJ opposition", he added.
Japan's Monetary Base rose from 10.9% to 15.0% in February, beating 11.5% consensus.

"The market continues to show signs of recovery from its trend line support, which is today located at 90.85. We will attempt tentative longs", wrote Commerzbank analyst Karen Jones, pointing to resistance at 94.77 ahead of 94.99 then the March 2009 spike low at 95.77.

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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Forex: AUD/USD bouncing off lows around 1.0125/30

The Aussie dollar is weakening further on Monday, after mixed data in the Australian economy and the pessimism surrounding the Chinese market dragged the cross to the proximities of 1.0120..
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