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Forex: EUR/GBP rises on London session

FXstreet.com (Barcelona) - With gains to 0.8550 area, the EUR/GBP eased back to Friday’s close at 0.8530 ahead of the London opening. Strength was then restored and the cross extended gains to 0.8560 high, so far.

The Italian Trade Balance non-EU moved from €-2.282B deficit to €0.704M surplus in February. The Italian consumer confidence report shows a decline from 86 to 85.2 in March, above the 85.0 consensus. Earlier, the Spanish PPI eased from 2.6% to 2.1% in February.

UK BBA Mortgage Approvals eased from 32K to 30.5K in February, beating consensus of 33.6K. UK Hometrack Housing Prices came in at 0.0% in March, following a 0.1% rise in the prior month.

“We continue to believe that EUR/GBP is forming a top. Resistance is seen at the March 15 0.8603 low. Further resistance comes in at 0.8683/84 (February 13 and March 1 highs) and more significant resistance at 0.8715, the February 1 high”, wrote Commerzbank analyst Karen Jones.

Fundamental Morning Wrap: EUR relief at Cypriot "agreement"

There was only ever going to be one focus for this mornings institutional research: Cyprus. News of the adjusted bailout look to have been more telling of the political power struggles taking place within the Eurozone and the news of the bailout (or agreement, depending on who you follow) has had a limited relieving effect on financial markets so far. The underlying suspicion is that despite the immediate risk being averted, dangerous precedents have been put in place.
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Forex: USD/CAD in 2-week lows below 1.0200

The Canadian dollar is markedly advancing against its fellow neighbour on Monday, dragging the cross to 2-week lows in sub 1.0200 levels...
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