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Forex: EUR/USD erases European morning gains

All the fuss about the better than expected Markit Services PMI that send the EUR/USD to as high as 1.3076 has cleared off. The pair erased those gains back to the opening level of 1.3026. Still, the market trades higher now than when it closed last week, at 1.3018.

EMU retail sales rose more than expected, by +1.2% instead of +0.2% in January. The annualized figure rebounded from -3.0% to -1.3% (consensus of -2.9%). Ahead is US ISM non-manufacturing PMI data.

“The intraday bias is positive after 1.2985 low with a crucial level at 1.3025, but the overall downtrend on the senior frames is still intact and only a break through 1.3160 high will negate the possibility of a slide towards 1.2880 major support area”, wrote Deltastock.com analyst Stoyan Mihaylov.

S&P probe could foster financial reform

The mortgage-bond market that David Tesher had described as “a wildly spinning top” was about to tumble when he convened a meeting at Standard & Poor’s Water Street headquarters in New York back in March 2007. Tesher, a managing director, told ratings analysts that Wall Street clients were under pressure to move souring mortgages into new securities called CDOs before the market crashed. Issuers needed the highest grades on the repackaged bonds to sell them to pension funds, banks and other investors.
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Forex: GBP/USD eases from highs, around 1.5150

On stronger UK Services PMI data, the GBP/USD rocketed to 1.5198 high, but the profit taking stage has retraced 50 pips of daily gains already. The market is currently quoting around 1.5150 as the London morning ends. Investors will be pricing in expectations ahead of US ISM non-manufacturing PMI.
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