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Forex: GBP/USD jumps towards 1.5200

FXstreet.com (Barcelona) - Fed’s Bernanke speech is due very shortly and the US NFP report is tomorrow, making the market selling Dollars ahead of the event. The GBP/USD has fully retraced its daily losses to 1.5132 on the NY opening and is now close to the 1.5200 psychological level. The current daily high is 1.5196.

The US initial jobless claims rose from 357K to 385K, instead of easing to 350K. Continuing claims also disappointed the market by coming in at 3.063M instead of the 3.050K consensus, with the previous figure being revised higher from 3.050K to 3.071K. The March Challenger Job Cuts report eased from 55.356K to 49.255K, but still higher than December and January data, at 32.6K and 40.K, respectively.

Despite the weakening figures seen in the latest activity indexes in the UK, the BoE decided to keep its monetary policy unchanged in the April meeting, with rates at 0.5% and QE at £375B, as expected. The minutes of the meeting will be published at 9.30am on Wednesday 17 April.

“The pair may start forming another ascending structure to break yesterday’s top and continue growing up. The main target of this wave is at the level of 1.5260”, wrote Roboforex.com analyst Igor Sayadov.

Forex: EUR/JPY jumps above 123.00

The Euro is rallying across the market following the Draghi press conference and against the Japanese Yen, the pair has jumped more than 100 pips in the last few minutes from 121.60 to breaks above 122.00 and 123.00 to trade at the highest level since March 25 at 123.40.
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Forex Flash: ECB commitment to the euro is vastly underestimated - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that comments from ECB President Draghi reiterating that the commitment to the euro is "vastly under-estimated" has helped the euro claw back its earlier losses entirely, and a move above $1.2855, especially on a close basis, would be a very constructive technical development.
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