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Forex Flash: RBA likely to reiterate easing bias tomorrow - Westpac

FXstreet.com (Barcelona) - Tomorrow the RBA monetary decision takes place, and according to Westpac, "is expected to deliver a no change decision and more focus will rest on the RBA statement."

However, the bank "still see risks of an RBA move by mid year, with renewed concerns in Europe, a very elevated level in the AUD TWI and concerns over the transition of growth away from mining, likely to deliver easier policy."

Westpac adds: "The RBA is likely to reiterate its easing bias, with should keep the AUD capped ahead of the 1.0450 level. On the downside we have a target of 1.0350, with the Cyprus situation still giving the currency somewhat of 'safe haven' status in the near term and this likely to prevent a meaningful break lower in AUD/USD."

Forex: EUR/JPY heaviness stays; watch 121.60/85 supply

EUR/JPY remains stagnant through a holiday twin-light Asian session, with the pair ranging between 120.60 and 120.80. From a short term perspective, the market seems to still like the idea of selling into supply areas through lower timeframes, as seen since mid February following a second rejection off 125.00 weekly supply-sensitive zone.
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