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Forex: EUR/USD around 1.2850 ahead of German Gfk

FXstreet.com (Barcelona) - The single currency continues to trading in a narrow range on Wednesday, recovering some ground following overnight lows in sub 1.2840 levels.
The German Gfk survey is due next, with market consensus expecting the survey to remain unchanged at 5.9 for the upcoming month of April.

The cross navigates in an unusual narrow range between 1.2840 and 1.2870, ahead of Thursday’s re-opening of the Cypriot banks.

At the moment, the cross is down 0.02% at 1.2853 with the next support at 1.2828 (intraday low) followed by 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the flip side, a breakout of 1.2950 (MA10d) would aim for 1.3050 (high Mar.25) en route to 1.3107 (high Mar.15).

Forex Flash: Time to build a short position in JPY again - RBS

“We have noted that the JPY weakness should correlate with the steepening at the long end of the yield curve (10 to 30yrs),” FX Trading Strategist at RBS Greg Gibbs notes, adding: “BoJ buying is unlikely to extend beyond 10 years, and while this may squeeze private sector demand further out the curve, if Japanese investors see genuine inflation risks (some of which are likely to relate to risk of a weaker JPY), then they will be reluctant to purchase very long term JGBs,” the analyst suggests.
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