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Spain will revised down its 2013 GDP forecast to -1.0%; Negotiating new deficit target

FXstreet.com (San Francisco) - Spain is discussing with the European union a new 2013 budget deficit target around 6% of the GDP, the current target is 4.5%, according to a Reuters information citing Spanish officials sources.

The Spanish government needs to renegotiate a new target as they would revise down the Kingdom of Spain 2013 GDP forecast to -1.0% from the -0.5% expected before.

Forex Flash: Factory orders may have advanced by as much as 2.7% in Feb. - RBS

The US census Bureau is scheduled to publish the Factory Orders report for February tomorrow Tuesday at 14 GMT (10am NY time). market expects the report to show a 2.9% jump in February after the 2.0% decline published in January.
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Forex: EUR/USD declines below 1.2850

After trading in a small range between 1.2850 and 1.2860 in the second part of the American session, the EUR/USD has declined a bit to trade below the range at the current 1.2845. The pair is consolidating levels after peaking to 1.2870.
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