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Forex Flash: Turnaround Tuesday lacks conviction - BBH

The stage for Turnaround Tuesday was set yesterday when the euro and sterling held the pre-weekend lows and the Dollar Index did not extend last week's gains, according to the BBH analyst team.

"Yet given the news stream and market positioning, the turnaround appears to lack conviction", they say. "The euro ran into offers near $1.3080 and sterling bears took a stand near $1.5200".

But stronger turnarounds than the dollar can be found in China and Italy, BBH comments. Italian bonds and stocks which fell yesterday are recovering today.

Forex Flash: AUD still looks to break lower despite RBA – UBS

With external conditions still volatile, the RBA may have been forced to put some key domestic issues on the backburner just for now, such as enforced rebalancing away from the mining sector. According to Research Analyst Gareth Berry at UBS, “Long-term structural issues cannot be ignored and may move for a much weaker AUD further down the line, but in the short term there remains a lack of consistency in the drivers of price action.”
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Forex: EUR/USD keeps the 1.3020/40 range

The single currency remains in the positive territory on Tuesday, ahead of the opening bell in Wall St, hovering over 1.3030/35 after correcting lower from session tops in the boundaries of 1.3080...
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