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Forex: EUR/USD tests yesterday's low

The EUR/USD was holding quite close to the opening price, at 1.2950/60 range, ahead of the publication of EMU data. Once it was released, the pair got back to the downside for a retest of yesterday's low at 1.2924. The surrounding area at 1.2930 is blocking a sharper down move, as of writing.

EMU employment dropped -0.3% in Q4 (QoQ), but Q3 data was revised higher from -0.2% to -0.1%. The year-on-year figure fell from -0.6% (revised from -0.7%) to -0.8%. The Greek unemployment rate moved higher in Q4 2012, from 24.8% to 26%.

"Yesterday's break below 1.2990 signals, that the downtrend has been renewed and my outlook here is negative below 1.2990 resistance, for a slide towards 1.2880, en route to 1.2760", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance at 1.3070.

Forex Flash: Fed changes its timetables between statements – Deutsche Bank

The Fed recently decided to cut the lead time between the release of the FOMC statement and the start of Bernanke's press conference to 30 minutes. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “The new rule will start next week following the FOMC meeting on Wednesday. Previously FOMC statements were released at about 12:30 EST on press conference days followed by Bernanke's press event at 14:15 EST.” Moving forward, the FOMC statement and the Summary of Economic Projections will be released at 14:00 EST followed by Bernanke's appearance at about 14:30 EST.
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Forex Flash: Aussie leads the way - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that during another relatively quiet trading session in Asia, it is the Australian dollar that is in the spotlight, advancing by 0.7% against the dollar after much stronger than expected employment data.
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