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Forex: EUR/USD revisits 1.3100 ground on European opening

As the market enters the European session, the EUR/USD is revisiting the 1.3100 ground after finding support at 1.3080. The pair remains “red” on the day but losses could be fully erased easily.

France budget shows a narrower deficit in January, improving from €-87.2B to €-12.8B. The economic calendar will have German industrial production and LTRO repayment announcement at 11:00 GMT, but investors are focused on US nonfarm payrolls later in the day.

“As long as resistance at 1.3162 holds, the pair remains vulnerable”, wrote UBS analyst Gareth Berry. “Support is at 1.2965, a break below would pave the way for weakness to test 1.2877”, he added.

Switzerland: Inflation up 0.3% in February, as expected

Swiss CPI grew 0.3% in February, following the 0.3% decrease registered the previous month, according to data released today by the Swiss Federal Statistical Office. This result is in line with consensus.
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Forex Flash: US NFP may surprise on the upside, at 175K in February – TD Securities

US nonfarm payrolls are the highligh of the day and consensus is looking for a 163K gain in February, essentially the same as the 157K reading in January. “TD Securities analysts are calling for a slightly higher 175K, essentially on top of the 6m trend”, wrote analyst Alvin Pontoh. “This would be consistent with the encouraging tone in the US data seen during the past few weeks, which has consistently surprised to the upside”, he added.
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