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Forex: EUR/JPY retraces daily gains up to 124.13 high

FXstreet.com (Barcelona) - After testing the opening price and going as low as 123.16 as the European session opened, the EUR/JPY is trading at 123.50 after the release of Italian Industrial Output. The cross has retraced its Asian gains up to 124.13 high.

Italian Data improved from -7.4% to -3.6% (consensus of -5.6%) in January (YoY), with the monthly figure rising +0.8%, beating consensus -0.3%.

Japan’s Leading Economic Index improved from 92.8 (revised from 93.2) in January and Coincident Index eased from 91.9 (revised from 92.3) to 91.6. Ahead at 10:00 GMT, EMU construction output and ZEW economic sentiment survey will be eyed by investors.

UBS analysts are bearish, pointing to support at 1.2876: “A break below this would extend weakness as there is scope for a test critical 1.2662”, wrote analyst Geoffrey Yu, pointing to resistance at 1.3021 ahead of 1.3107.

Forex: EUR/USD unchanged after Italian data

The shared currency posted no reaction after the annual contraction of 3.6% in the Italian Industrial Output during January, showing the there are still no signs of any recovery. Further euro data came from...
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Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that for most of the Asian trading session there has been a growing belief that the Cypriot authorities would likely reverse the decision to ‘tax’ deposit holders with less than 100k.
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