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Forex Flash: Positive Spanish and Irish news overshadowed – OCBC Bank

Emmanuel Ng of OCBC Bank notes that the positive news flow out of Spain (debt auction) and Ireland (agreement with the ECB to reduce the debt burden) were overshadowed by Draghi’s comments yesterday and in the near term, any breach of the 1.3385 floor may risk a dip towards 1.3300.

He feels that intra-day, markets may remain relatively neutral on the pair pending further developments. Looking to GBP/USD he sees that given the ongoing rotational behaviour in the markets and underlying economic vulnerabilities, the pair may continue to remain inherently heavy in the interim despite the slight reprieve provided by Carney on Thursday. At this juncture, our bias remains for the pair to gravitate towards the lower bounds of a 1.5600-1.5800 range.

Forex Flash: Bullishs persist for USD/JPY – BTMU

Bank of Tokyo Mitsubishi UFJ analysts are bullish on USD/JPY for the week ahead and see spot moving between a randge of 92.00-95.00.
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Forex Flash: December deficit may keep USD/JPY elevated – OCBC Bank

Emmanuel Ng of OCBC Bank suspects that the December 2012 current account deficit may continue to keep the USD/JPY aloft.
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