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Forex Flash: US industrial production in focus as economy outperforms – UBS

FXstreet.com (Barcelona) - On the data front, US industrial production numbers are due today and we expect a 0.6% rebound after January's slight decline. According to Research Analysts Gareth Berry and Geoffrey Yu at UBS, “Further expansion would only confirm that activity in the US is outperforming.”

Based on the current levels, US output is only 2% from 2008 highs, but the comparable figure for the Eurozone is still a massive 13%, and trends are actually going in the wrong direction for the currency union. Moreover, “the EUR/USD so far is still failing to respond adequately to data prints in favor of the dollar, and while this may evolve in time, we prefer upside data prints via being long USD/CHF.” they add.

Forex: EUR/JPY finds resistance at 125.75

The euro extended gains versus the yen during the European session and reached a 3-day high in recent dealings, underpinned by the positive market mood and after the eurozone CPI data came in as expected.
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Forex Flash: BoE's King switched from talking down to comfort with GBP price – TD Securities

BoE's King changed his speech after talking down the currency for the past couple of quarters and “now appears comfortable with where the currency is”. “This has helped stabilize GBPUSD and at the time of writing it was trading around 1.5150 following lows of 1.4832 earlier this week”, wrote analyst Tim Davis.
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