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Forex: EUR/USD resting near fresh 2013 lows ahead of key ECB meeting

Following a fresh 2013 low in EUR/USD at recent 1.2963 session lows, almost a double low with previous March 01 lows, the pair has enjoyed few bids that have kept the pair from falling further, breaking higher above Monday's lows at 1.2981, working as resistance, on the back of ">S&P credit rating agency revising Portugal outlook to stable from negative. EUR/USD trades last at 1.2990, off session highs at 1.2996.

Local share markets trade in a mixed way with Nikkei index breaking above the 12k points mark for first time since Sept 2008, up +0.7% for the day, while Australia, Shanghai and Korea are in the red, and Hong-Kong breaks even. “Unlikely that we will see any significant movement during the Asian session,” in EUR/USD says FXWW founder Sean Lee, as “Tonight’s ECB statement is not expected to deliver any surprises. Recent signs that the decline in economic growth is stabilizing should keep the doves at bay,” the analyst concludes.

Immediate resistance to the upside for EUR/USD shows at recent session highs 1.2990, followed by Tuesday's lows at 1.3010, and Monday's highs at 1.3035. To the downside, closest support lies at Monday's lows 1.2980, followed by March 01/recent session 2013 lows at 1.2963, and Nov 28/Dec 07 lows/200 SMA at 1.2875/60.

Forex Flash: Aus 1Q 2013 GDP likely lower on shrinking exports - NAB

Yesterday's 4Q GDP figure for Australia came exactly in line with expectations at +0.6%, and even a better one for the yearly figure at +3.1% when +3.0% was expected. But that data did not reflect latest 5% decline in coal exports, “most likely affected by Tropical Storm Oswald that hit Queensland in the last week of January and put the coal railway feeder lines to Gladstone under water,” David de Garis notes, Senior Economist Markets at the NAB. Today's Aus trade balance numbers showed a wider deficit than anticipated on weak exports.
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