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Forex Flash: Risk propensity mitigated as NZD/USD soars – BNZ

FXstreet.com (Barcelona) - The fallout surrounding risk was relatively limited across currency markets – indicative of such, the VIX index (a proxy for risk aversion), after briefly spiking to 19%, eased back to its recent lows around 12% by the end of the month. And despite the odd Europe-inspired hiccup, the US S&P500 index notched up another 3.6% increase in March, bringing the year-to-date gains to 10%.

Commodity prices and high-beta currencies like the NZD/USD also finished the month marginally higher than where they began. According to the BNZ Research Team, “While the less supportive global backdrop will limit the upside, supportive domestic fundamentals will continue to shore up the downside. We recommend the 0.8280-0.8450 range for the NZD in the near-term.”

Forex: AUD/USD retraces from highs and test the 1.0475

After rising around 55 pips from the 1.0445 Asian session's low, the AUD/USD tested March 26 highs at 1.0495 in the early American morning. But the pair found many sell orders at this level and the pair is trading back to test the 1.0475 level.
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Forex Flash: USD/JPY buying rational runs deep – UBS

Investors have bought the USD/JPY this year for many reasons. “However, the prospect of the Bank of Japan hitting its new 2% inflation target within two years is one of those reasons – luckily it is not the only one, because generating and then sustaining a 2% inflation rate in Japan seems challenging to say the least.” Notes Research Analyst Gareth Berry at UBS. Even Prime Minister Abe who initially championed the cause conceded yesterday that the target might not be reached at all.
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