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Forex: GBP/USD peaks at 1.5038

The GBP/USD grew stronger after the US data load, from just above the opening price of 1.4923, and shot up above the 1.5000 mark to peak at 1.5038 on US money. The market is currently consolidating its position above the psychological level, quoting around 1.5015 as of writing.

The US current account deficit narrowed from $-112.4B to $-110.4B in Q4, beating the $-112.80B consensus. However, Q3 data was revised much higher from $107.51.

In the week ending at March 10 week, initial jobless claims dropped from 342K (revised from 340K) to 332K, against a market consensus pointing to 350K. Continuing claims rose from 3.113M to 3.024M, better than the expected 3.100M.

Tomorrow's US CPI, NY Empire State manufacturing index, industrial production and Reuters/Michigan consumer sentiment will be eyed closely by investors. "GBP/USD is bouncing from its recent new low at 1.4832 (12/03/2013 low). Hourly resistances can be found at 1.4982 (13/03/2013 high) and 1.5083 (07/03/2013 high)", wrote MIG Bank analyst Bijoy Kar.

Forex Flash: USD/BRL to rise to 1.97 in Q1 before rising easing to 1.95 in Q2 – TD Securities

The Brazillian Central Bank is not ready yet to hike interest rates as more time is required to assess the complexity of both the domestic and external environments, according to TD Securities analysts' interpretation of the March meeting minutes. “Thus, we continue to see scope for disappointment, whereby market-implied expectations anticipate very aggressive tightening in terms of resumption and magnitude of the cycle”, wrote analyst Cristian Maggio, indicating a lot more hawkish minutes this time in comparison to January.
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Forex Flash: AUD/USD strategy profile – Westpac

The data calendar turns very quiet but there is always interest in the minutes from the RBA Board meeting (Tuesday). This is also the day we hear speeches from RBA’s Debelle and Lowe. The RBA’s general tone should remain cautious, maintaining an easing bias.
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