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Forex Flash: What to do with EUR/USD? – UBS and Commerzbank

The single currency is treading water at the key mark of 1.3000 on Tuesday, as the markets show no signs of a more definite bias so far. The euro docket on Monday and Tuesday proved to be useless to ignite a break in the cross either way.

The Swiss bank UBS still holds a bearish outlook on the cross, as confirmed by Strategists G.Yu and G.Berry, arguing, “Initial support is at 1.2955, a break below would expose 1.2876 ahead of 1.2662. Resistance is at 1.3134”.

“EUR/USD rebounds remain tepid and last week the market failed at the 23.6% retracement of the last leg lower, this is located at 1.3135. Here we also find the accelerated downtrend and while capped here the market remains directly offered”, assessed Karen Jones, Head of FICC technical Analysis at Commerzbank.

Spanish borrowing costs fall at short-term debt auction

Spain sold 5.83 billion euros of short-term debt on Tuesday, meeting the top of the 4.5-5.5 billion target range.
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Fundamental Morning Wrap: New BoJ team to hit the ground running?

A quiet European session has translated into a quiet morning for institutional research today, with the bulk of focus falling upon the overnight release of the BoJ minutes, which showed a leaning towards further aggressive APP easing and possibly an early BoJ meeting once the new team take the helm. In the US, eyes are on the Republican Budget proposal which will include $4.6trn of cuts over the coming decade, just ahead of a prospective Goverment shutdown, while in the UK, poor data builds expectations of pending BoE easing.
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