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Forex Flash: Can currency markets withstand a corrective phase? – UBS

FXstreet.com (Barcelona) - Given the return in Eurozone stress however, the US will be tested further in how it will be able to generate enough momentum with greater external headwinds. According to Gareth Berry, a Research Analyst at UBS, “We continue to stress that data surprises for the US remain exceedingly strong, and it remains if markets can withstand a corrective phase. However, we note that even if this is not the case, the damage will likely be mostly felt in equities rather than the dollar.”

Forex: GBP/USD downside held at 1.5140 zone

Downside pressure showed up since mid-London morning after failing to climb above 1.5200 and then the market pulled the GBP/USD to 1.5140 zone (low at 1.5135), where it has been finding support. Still, the pair remains subdued after the US data load.
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Forex: USD/JPY eases on US session

Greenback strength arrived after a first test to the 94.00 psychological level during the European opening, allowing a return to the daily high of 94.45 where it keeps finding resistance. The NY opening saw the USD/JPY easing to 94.15 area. US data is out and being digested. Apart from the Durable Goods Orders headline, data came in disappointing to investors. The US Department of Treasury will soon be selling 4-week and 2-year debt.
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