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Forex Flash: USD/CNY looks bearish ahead - BTMU

FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts are bearish on USD/CNY for the week ahead and see spot moving between a range of 6.2075-6.2275.

They begin by noting that the broad hint dropped by a senior PBOC advisor that March CPI inflation could be as slow as 2%YoY does not dissuade them from thinking that later in 2013, in the second half, a stronger currency could be helpful to the cause of catching up in the inflation fight. By this they mean, “If fighting inflation might be one aim of exchange rate policy. But then, who knows? Flash PMIs seem to support our outlook for continued recovery and we'd expect that to sustain next week when final versions come out.” They feel that the main upside risk to USD/CNY is more euro contagion, but so far Cyprus has not been a factor (not even for volatility). If anything, intraday ranges have been even narrower than usual as we head into Easter; or so we've been told, by bored colleagues onshore.

Forex: EUR/USD at highs of 1.2845 during NY session

The EUR/USD bounced from 1.2755 low and regained the 1.2800 ground, coming to as high as 1.2845 during the NY session. Investors are pricing in the US data and headlines coming from Cyprus and Italy.
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Forex Flash: 10-year US treasuries point lower in near-term – RBS

The market continues to see a 1.72% to 2.15% range in 10-year US treasuries, perhaps persisting through Q2. According to the RBS Research Team, “Key resistance remains 2.15% in 10-years while near-term support is 1.83% - our bias remains to modestly lower yields in the near-term because positioning is favorable (short) and medium-term charts are turning bullish for the first time since early December.”
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