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Forex: EUR/USD keeps the red around 1.3075/80

FXstreet.com (Barcelona) - The single currency is following the lack of direction in the global markets on Monday, dragged to the defensive territory after the worse-than-expected data from the Chinese economy.

Mark Chandler, Strategist at BBH, commented, “The euro's upside correction remains intact. A convincing move above the $1.3115-20 area will signal the start of the next leg up that is worth at least another cent and maybe 2. Ideally, the euro holds above the $1.3020 area, but it may require a break of $1.30 to undermine the correction”.

As of writing, the cross is retreating 0.31% at 1.3075 with the next support at 1.3036 (low Apr.12) followed by 1.3006 (low Apr.9) and then 1.3003 (MA10d).
On the upside, a break above 1.3133 (MA55d) would open the door to 1.3138 (high Apr.11) and finally 1.3151 (MA100d).

Forex: AUD/USD extends losses to fresh 1-week low

The Australian dollar extended its decline and hit fresh lows versus the dollar and the yen as weaker-than-expected Chinese Q1 GDP weighed on risky assets and fueled gold's sell-off.
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Forex Flash: India WPI supports RBI rate cut in May – TD Securities

With the publication of a WPI in deceleration from 6.84% Y/Y in February to 5.96% in March, below the consensus expectations for 6.27%, TD Securities analysts observe that the trend has been for lower WPI in the last three years, mostly driven by the tight monetary policy and the sharp economic slowdown recently. “This means that WPI is now within the RBI’s unofficial ‘comfort zone’ of 4-6% and supports rate cuts at the next RBI meeting in May”, wrote analyst Jacqui Douglas. “However, inflation remains volatile and risks of resurgence remain, especially on bad weather conditions. Also, with CPI hovering above 10%, we think that RBI will hold a cautious stance”, Douglas added.
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