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Forex Flash: EUR/USD year-end target at 1.27 – Scotiabank

The single currency is testing again levels beyond the key resistance of 1.3000 on Friday, partially recovering ground after bottoming in the area of 1.2950, levels last seen in early December.

After yesterday’s boost on euro-friendly comments by ECB’s Mario Draghi, Camilla Sutton, Chief Currency Strategist at Scotiabank commented, “…from the ECB’s point of view the economic recovery in the later part of 2013 is based on an increase in world demand (exports), loose monetary policy and less fragmentation. We would suggest that this recovery strategy requires a weak EUR”.

“Accordingly, we expect that any rise in EUR back towards its February level of 1.35 will generate angst at the ECB. We hold a year-end EUR forecast of 1.27”, concluded the expert

Forex: GBP/JPY finds support at 142.65, back above 143.00

After falling around 200 pips following the upbeat US nonfarm payrolls and unemployment report, the GBP/JPY found support at 142.65 where the pair has bounced to trade back above 143.00. Currently the pair is trading at 143.22, 0.60% above opening price.
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Forex: GBP/USD remains below 1.4950

After falling from 1.5040 area to the 1.4880, lowest since June 2010, the GBP/USD recovered the 1.4900 ground and it is trading in consolidation mode just below the 1.4950 level. The Cable has recovered about at half retracement of the market reaction to the US data.
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