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Forex Flash: NZD/JPY well supported, seeks 82.00 6m target – BNZ

FXstreet.com (Barcelona) - The fragile global recovery, while mixed and uneven, is continuing. According to the BNZ Research Team, “We expect global growth to accelerate to 3.3% in 2013 and 3.9% in 2014. If realized, this should support ongoing gains in NZ’s commodity export prices and keep the ‘high beta’ NZD/JPY well supported.” They point to a NZD/JPY three-month target of 79-80.00, while a six-twelve month target stands at 81-82.00.

Consensus forecasts for Japanese economic growth have been revised up in recent months as forecasters factor in additional BoJ easing. Still, there are no guarantees easy money will flow through to an improved economy. What’s more, 2014 Japanese growth forecasts look sick at just 0.8%. “By contrast, we expect the NZ economy to expand 3.0% in 2013 and 3.2% in 2014.” the team notes.

Forex Flash: Cyprus has changed market perception – Deutsche Bank

Regarding continuing fallout from Cyprus, the Cypriot finance minister has warned that uninsured deposits at Laiki could face losses of as much as 80% and that it could take as long as six to seven years before depositors see any of their savings returned. In the more immediate term, he said that the government expects to finalize capital controls by midday today ahead of the reopening of the country's banks tomorrow.
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Forex Flash: Risk premium in EUR slated to unwind over next months – ANZ

The EUR has moved sharply of late. This has presented opportunities for some crosses with the EUR/AUD being one of them. In regards to this cross where are grounds to expect to expect a substantial rally in the EUR/AUD over the next 3-4 months.
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