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Forex Flash: Bunds eye correction despite long-term bullishness – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “Bund prices formed a meeting lines reversal pattern after opening above the previous high, suggesting there would likely be correction for now.” Corrective targets include 145.00/144.90, possibly 144.50. “In the long term, the price formed a pennant pattern with the measuring target of 147.00 (flags fly at half-mast). We believe this target will be met after a possible correction from the 145.82 resistance. Resistance is expected at 145.82, 146.00/17, 146.37 and 146.67. Overall, favor being long to 146.00/17 onto 146.67 and 147.00 on a caveat of a sustained break below 144.5.” Bondar adds.

Euro can’t break the spell around 1.3000

The bloc currency is posting gains for the second consecutive session so far, after the psychological support of 1.3000 proved to be too high a hurdle for the euro bears. Today improvements from...
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Forex Flash: 30% chance of the BoE extending QE – TD Securities

The UK Services PMI revealed the sharpest pace of business growth in nine months, while job creation picks up. The manufacturing report shows contracting employment at its quickest pace in 40 months, so the two sectors should combine to leave employment growth roughly flat overall. “The PMI report also noted that the combined PMIs are consistent with GDP growth of about +0.1% Q/Q in Q1, though our own tracking for UK GDP at the start of March is -0.1% Q/Q, so it’s still a very close call for whether the economy expands during the quarter, or contracts and makes for a triple-dip recession”, wrote analyst Jacqui Douglas.
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