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Forex Flash: EUR/GBP with negative bias towards 0.8566 then 0.8449/47 - Commerzbank

Commerzbank analysts see a negative bias as the EUR/GBP slips lower: "The market last week reversed from the double Fibonacci retracement and the October 2011 high, at 0.8780/0.8830", wrote analyst Karen Jones, seeing likelihood of failure.

"The bearish engulfing pattern and break of the uptrend suggests further weakness will be seen near term to 0.8566 then 0.8449/47, the 50% retracement of the move seen this year and the 8th February low", she continued, pointing to intraday resistance at 0.87155, the first of February high.

Forex Flash: BoC looks to tackle household imbalances – UBS

The Bank of Canada will attempt to curb 'household imbalances', referring to the chances of a deep housing correction, with adverse effects on household balance sheets and credit demand. Just over a month ago, Moody's downgraded six Canadian banks on the back of expectations that household deleveraging would affect asset quality and profitability.
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European markets higher ahead of tomorrow's central banks

The German DAX (+1.00%), the French CAC 40 (+0.25%), the Italian FTSE MIB (+0.09%) and the Spanish IBEX 35 (+0.36%) are edging higher ahead of tomorrow's central bank decisions by the BoE and ECB. In regard to the ECB, TD Securities analysts wrote the following: "We see a 30-40% chance of a refi rate cut, which is not priced into the market".
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