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Forex: EUR/USD ignores EMU confidence, all eyes on US FOMC

FXstreet.com (Barcelona) - The EUR/USD is still quoting close to its daily highs but still capped by resistance around 1.2970 after the release of the flash EMU consumer confidence in March. Data in the Eurozone improved only from -23.6 to -23.5, disappointing expectations of a rise to -23.3. The main focus of the day is the FOMC meeting at 18:00 GMT. ~

“The Minutes to the meeting will be more relevant in the context of evolving exit strategy at the Fed. Talk of exit is simply prudent policy planning, it does not mean QE will stop anytime soon. Another 9 months looks likely”, wrote TD Securities analysts, adding that the evolving “no asset sale” exit strategy appears to be gathering momentum and that fears over the Fed’s capital destruction from asset sales are grossly mis-placed, and is not part of the Fed’s thought process.

“Yesterday the EUR/USD currency pair renewed its minimums; a new ascending movement is very weak. We think today the price may renew its minimums once again and reach the level of 1.2820”, wrote Roboforex.com analyst Igor Sayadov, expecting then a new ascending structure towards the level of 1.3190.

Fundamental Afternoon Wrap: UK releases budget as Cyprus updates wane

After a frantic first half of the week which has seen a glut of commentary covering the Cyprus, an element of news fatigue has crept through the institutional research community. Cyprus naturally takes poll position due to the liquidity of developments but also, UK Chancellor Osborne´s budget has caught attention today.
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Forex: EUR/JPY higher but still 100 pips away from last Friday’s close at 124.63

The EUR/JPY has retraced yesterday’s losses but it is still away from fully retracing the “risk-off” move in reaction to Cyprus. The cross is quoting at 123.63, 100 pips below Friday’s close of 124.63. The psychological level at 122.00 has been holding as support this week.
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