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Forex: GBP/USD consolidates below 1.5200

FXstreet.com (Barcelona) - The sterling is following the prevailing offered tone in riskier assets on Monday, testing session lows in the vicinity of 1.5180 after briefly hitting levels above 1.5200 overnight.

Interesting week ahead for the sterling, as manufacturing and services PMI prints plus the BoE MPC meeting are due, although traders expect the repo rate and the asset purchase programme to remain unchanged.

As of writing, the cross is down 0.05% at 1.5185 with the next support at 1.5112 (low Mar.28) followed by 1.5092 (low Mar.27) and then 1.5090 (low Mar.21).
On the upside, a surpass of 1.5207 (high Mar.26) would bring 1.5280 (high Mar.25) en route to the psychological level of 1.5300

Nikkei sees profit taking ahead of BoJ, China gets stronger manufacturing PMI

Japan’s Nikkei Stock Average fell -1.72% on profit taking ahead of the much expected BoJ meeting this week and Mainland China’s Shanghai Composite gained +0.04% after the rising manufacturing PMI, picking up from the holiday-affected 50.1 in February to 50.9 in March: “a decent bounce, but overall disappointed market expectations for a more convincing improvement to 51.2”, according to TD Securities analysts. “The March quarter average is 50.5: same as Dec qtr 2012, hence hints at a steady GDP print of 8.0%/yr (after 7.9% in Dec qtr 2012)”, they continued.
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Forex: USD/JPY takes profits ahead of BoJ this week

The market wasn’t able to record stronger gains than to 94.38 high in early Asian morning, and then, profit taking made the USD/JPY react lower to 93.83/79 as investors get ready for this week’s BoJ policy meeting. Governor Kuroda is expected to engage in a different approach, more dovish.
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