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Forex Flash: No signs of Italian progress - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that there haven’t been any visible signs of progress in Italian government-building over the weekend.

He writes, “Technical analysts tell me that EUR/USD 1.2970 is the big level to watch rather than EUR/USD but either way, with 10yr BTP yields back up at 4.85% as I write, the pressure on the Euro remains.” Elsewhere, he feels that CHF and GBP meanwhile are still better shorts that the Euro, even if these trades are already embraced by the market. He comments that the Spanish bond auction on Thursday will bear watching as well as any EcoFin meeting comments.

Forex Flash: Sterling stability dashed after PMIs - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the attempt for sterling to stabilize following the recent loss of the UK´s AAA rating was dashed after the dismal PMI reading.
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Forex Flash: Majors lower on USD as spending cuts kick in - OCBC Bank

Emmanuel Ng of OCBC Bank note that even as spending cuts kicked in for the US, majors ended mixed to lower on USD on Friday, while JPY and GBP underperformed across the board.
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