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Forex Flash: Fitch UK negative watch decision not significant - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts believe that Fitch´s decision to place the UK on a negative watch list is not significant news.

They note that it is the laggard among the top three agencies. S&P has put its AAA rating on review this past December and last month, Moody's had cut its rating. They add that Fitch says it hopes to complete its review by the end of next month. They write, “We think that what led to Fitch's review, the government's admission that it now projects slower growth and higher levels of debt, will lead to a downgrade in Q2. Separately, the service index is reported late in the week and, given the importance of this sector, a modest increase would be seen as a sign that another quarterly contraction has been avoided. The first estimate of Q1 GDP is April 25.”

Forex Flash: EUR/JPY targets 125.40 - Commerzbank

The EUR/JPY stabilized above the 55 day moving average at 122.49 and, while 121.44 holds, the resistance line at 125.40 will stay in focus, according to Commerzbank analysts. “Below Monday’s current low at 121.44 lies the 120.73 mid-January high. This may well still be reached in the weeks to come”, wrote Karen Jones, bullish biased on the medium term while the next lower 118.74 February low holds on a daily New York closing basis.
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Forex: USD/JPY testing highs, eyes on 95.00

The momentum in the USD is pushing the cross closer to the key mark of 95.00 on Monday, after bottoming in the proximity of 94.60 after the Asian session...
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