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Forex: USD/CHF eases from highs back towards 0.9500

FXstreet.com (Barcelona) - On escalating fears of Cyprus, the greenback pushed higher earlier in the day and affected the USD/CHF to reach as high as 0.9527. Throughout the rest of the Asian session and now, ahead of the European shift, the pair retracing part of the gains, working its way to test the 0.9500 mark.

Most European countries are off the clock to celebrate Easter Monday, so a period of extreme low volume is expected. The economic calendar is empty apart from the release of Greek manufacturing PMI data by Markit.

On the upside, the area at 0.9548/53 has been keeping the market from further gains. Thursday’s low at 0.9466 may act as support against the downside.

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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Forex Flash: US ISM manufacturing PMI to stay unchanged at 54.3, with risks to the downside – TD Securities

TD Securities analysts observe that “the US manufacturing sector is continuing to enjoy a period of rebound as the bounce back in domestic economic growth momentum is pushing new orders and production activity close to their highest level in almost a year”. “This positive momentum should be sustained in April and we expect the headline ISM manufacturing index to remain essentially unchanged at 54.3, in line with consensus”, wrote Alvin Pontoh, adding that the pullback in Chicago PMI suggests that the risk to this forecast may lie to the downside. “This will mark the fourth consecutive month in expansionary territory for this indicator, as the sustained push higher has been reflected in the improving tone in the various regional manufacturing sector indicators, which are now all in expansionary territory”, he continued, pointing to the steady improvement in the new orders to inventory spread (a proxy for future production activity) which is now at its highest level since May, as key to upside potential for production activity. “New orders activity should advance during the month, with the employment sub-index also edging higher. Nevertheless, as the pace of growth slows in the coming months, we expect manufacturing sector activity to moderate”, Pontoh concluded.
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