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Forex Flash: Risk currencies on the defensive – UBS

FXstreet.com (Barcelona) - Regarding risk currencies, there wasn't much optimism as all were net sold, though not in significant volume. According to Gareth Berry, a Research Analyst at UBS, “The uniformity of flow suggests that investors will more willing to head into Q2 on a relatively defensive stance, especially as reasons to be risk averse, be it Eurozone issues or weak US/EM data, probably exceeded expectations.”

Nonetheless, asset managers were marginal buyers in the NZD/USD and AUD/USD, offset by flow from other client categories, which ultimately limited overall losses. NOK and CAD sales were the heaviest, pointing to ongoing fear that the 'AAA' block will continue to suffer from unwinding due to domestic woes, despite pressure to reallocate out of the Eurozone.

Forex: EUR/USD still facing resistance at 1.2825 ahead of US ISM PMI

Some volatility was seen prior to the release of the March manufacturing PMI by Markit, with a first test of support at 1.2800 before a rise to 1.2825 resistance. Data rose from 54.3 to 54.6, disappointing investors looking for a figure at 54.9. The EUR/USD eased from its highs towards 1.2815, for now, ahead of US ISM manufacturing PMI and construction spending.
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Forex: AUD/USD tests 1.0405 after retracing from highs

After retracing from highs at 1.0425, the AUD/USD ha found support at 1.0405 where the pair has bounced to trade back at 1.0415. Currently the AUD/USD is moving at 1.0414, 0.06% below opening price.
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