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Forex Flash: UK 1Q GDP to rise +0.1% - RBS

FXstreet.com (Barcelona) - Following a -0.3% in last UK 4Q preliminary GDP y/y, RBS expects next April 25 UK GDP will show a small advance: “The UK economy is hardly sprinting out of the blocks at the start of 2013 but modest expansion seems more likely than contraction,” says analyst at RBS Ross Walker, adding: “thus avoiding a symbolic ‘triple-dip’ recession.”

From RBS: “Our GDP Tracker signals +0.1% q/q, +0.3% y/y, in Q1 2013 and for 2013 as a whole we look for economic growth of 0.7%, better than the expected contraction in the euro area but some way behind the US,” the analyst concludes.

Forex: EUR/USD struggling around 1.2800 on a broad USD bid

While Gold is having its 2 worst days in a row of selling off in last month as April contract delivers, EUR/USD is last at 1.2801, off recent session and 2-day lows at 1.2794, following FED Evans suggested bond buying program may reduce pace later in 2013, IFR John Noonan reported. EUR/USD is slightly below previous weekly close past Friday, down -0.14%.
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Stevens reappointed RBA governor for another 3 years

Australian Treasurer Wayne Swan has confirmed today that the period in office for Reserve Bank of Australia Governor Glenn Stevens is set to be extended for another 3 years, ahead of September elections, and before the official term ends on September 17. Swan also appointed Kathryn Fagg as new member of the board, replacing Jillian Broadbent.
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