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Forex Flash: EUR/USD downside set to continue long-term – UBS

FXstreet.com (Barcelona) - Investors remain in wait-and-see mode ahead of the eventual reopening of banks in Cyprus on Thursday. Meanwhile a familiar theme continues to play out quietly behind the scenes - US economic outperformance is gradually nudging the dollar incrementally higher.

US equities continue to benefit from the better tone of US dataflow and the S&P500 narrowly avoided closing at a record high on Tuesday. According to Research Analyst Gareth Berry at UBS, “Our European economists reinforced our stronger dollar view overnight by lowering their Eurozone growth forecast for 2013 to -0.4% (from +0.1%) previously. Our US economists meanwhile continue to look for 2.3% US growth over the same timescale. So whatever one's view on the outlook for the Eurozone sovereign debt crisis, it seems the trans-Atlantic growth gradient is reason enough to position for long-term EUR/USD downside.”

Forex: EUR/USD bouncing off 1.2750

After dipping to fresh 2013 lows around 1.2750, the shared currency found buying interest that pushed the cross back to the current area of 1.2780/85...
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Forex: GBP/JPY bounces at 142.00 and tests 143.00

After falling around 180 pips from 143.80 in the European session, the Sterling has finally find support at 142.00 against the Japanese yen. At this level, the GBP/JPY has bounced to trade back above the 142.50 level and trade at 142.90 in its way to test the 143.00 frontier.
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