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Forex Flash: Downside drivers for GBP limited in short-term – UBS

FXstreet.com (Barcelona) - The GBP had its best week since the beginning of February, led by GBP/USD purchases coming from hedge funds. In addition, the EUR/GBP on the other hand was flat. “Barring ongoing negative data surprises, it appears that downside drivers for sterling may be limited in the short-term and entrenched shorts (such as hedge funds in the GBP/USD) are being lifted.” warns Gareth Berry, a Research Analyst at UBS.

Moreover, structural woes in the Eurozone are also helping sterling's case. The franc was net sold on the week as the USD/CHF and EUR/CHF buyers both returned, but not in meaningful size. “Crucially, asset managers were on the other end of market flow in both pairs and continued adding CHF longs.” Berry adds.

Forex: USD/CAD establishing fresh lows at 1.0159/62

The USD/CAD has taken a tumble in recent moments, as the pair is now establishing fresh session lows at 1.0159/62. Having pared its earlier gains, the cross is now trading in negative territory, down -0.13% Monday.
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Forex: EUR/JPY hovering over 120.00

The pair is hovering over the key mark of 120.00 on Monday, dragged lower by the renewed JPY strength...
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