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Forex: GBP/USD extends losses below 1.5100

The sterling is accelerating its intraday downside on Wednesday below the 1.5100 key mark after positive data from the US ADP Report and Factory Orders boosted the greenback.

The pound would remain under pressure ahead of tomorrow’s BoE monetary policy meeting, as investors continue to price in further easing by the central bank in the near-term. Consensus for a rate cut remains close to zero, however.

At the moment, the cross is testing fresh lows at 1.5058 or losing 0.45% with the immediate support at 1.5000 (low Mar.4) ahead of 1.4985 (2013 low Mar.1) and then 1.4949 (low Jul.12 2010).
On the upside, a breakout of 1.5110 (hourly high Mar.6) would aim for 1.5200 (high Mar.5) and finally 1.5223 (high Feb.28).

Forex: NZD/USD trading positively at 0.8318/25

The NZD/USD has rallied during American trading, establishing a session high of 0.8352 Wednesday. However, the pair has pulled back in recent minutes towards the 0.8318/25 region, still up +0.10%.
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Forex Flash: CAD still holds many benefits – UBS

Despite the perception that massive selling has taken place in the wake of the 'AAA unwind', on a structural level the market is still heavily long CAD. There was a major round of accumulation in mid-2012 (riding the coattails of the SNB), which is currently in the process of being reduced. According to Research Analyst Gareth Berry at UBS, “Positioning shifts have been quite consistent with changes in the CAD's NEER and momentum is clearly towards the downside.”
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