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Forex Flash: Eurozone contraction of 0.5% in 2013 expected - Standard Chartered

The ECB held rates despite a weakening GDP forecasting and well-below-target inflation. According to Standard Chartered, "a rate cut – discussed on 7 March – is still possible, in our view, though the ECB’s tolerance for pain is high", adding that "we have downgraded our growth forecast and now expect a contraction of 0.5% in 2013."

Forex: Euro is alive and jumps above 1.3100; More risk appetite expected

It's alive! The Euro is alive and finally it has waken with the EUR/USD jumping above the 1.3100. Mario Draghi fueled the pair as he said that a gradual recovery in the Eurozone will start in the second half of 2013. The EUR/USD advanced in the American session moving off recent sub-1.3000 levels to reach fresh March highs at 1.3120. Currently the pair is trading in consolidation mode between 1.3100 and 1.3110.
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Forex: USD/JPY off fresh 3-year high below 95.00

USD/JPY is currently trading at 94.95, fresh session highs, off weekly highs at 95.10 in early NY trade, highest since Aug 2009. The pair is higher by +1.01% from previous Asia-Pacific open yesterday, and +1.46% for the week, recovering from weekly lows Tuesday at 92.90. Yen is by far the weakest currency among majors, with Nikkei index breaking yesterday above the 12k points mark for first time since Sept 2008, up already +12% since year started.
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