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Forex Flash: Sell everything, buy the USD - RBS

This is shaping up as a key week for the USD, says Greg Gibbs, FX Trading Strategist at RBS; "It may end up being a watershed moment when the USD rallies against all currencies and snaps the back of the bearish sentiment that has pervaded it since 2009, and much longer if you take out the crisis induced rallies" Greg notes.

Different factors are aligning in favour of the USD, Greg says: "It’s happening now. It is happening before Bernanke ends QE, because Bernanke has established his credibility, because the US is closer to the exit game even if it may be another year away. It is happening long before there is any rate rise in the US. The dollar will rally now because if China or Europe falters we will need its safe-haven status. It will rally now because Japan and the UK are two steps behind and expanding their QE. The USD will rally now to break the back of the bearish sentiment that has been over a decade in the making and has become too consensus."

Forex: EUR/JPY keeps pressure on 122.20 resistance

EUR/JPY continues to press incessantly against key resistance at 122.20, tested a couple of times - March 1 and 5 hours ago - with the 20EMA in the 4-hour chart acting as a reliable vehicle to cap the downside since March 5.
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S&P: Portugal outlook revised to stable from negative

The rating agency S&P had revised Portugal’s BB sovereign credit outlook to stable from negative. The Euro ha jumped some 15-20 pips on the news, from 1.2975 to session high at 1.2995, further recovering from the double floor recorded at 1.2966 ahead of today's ECB monetary policy meeting.
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