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Asian markets mostly higher, Shanghai Composite eases

FXstreet.com (Barcelona) - Mainland China’s Shanghai Composite (-0.42%) was the most notable underperformer in today’s Asian session due to headlines suggesting that there could be a housing crisis via excessive local government debt. Most equity indexes edged higher, including Japan’s Nikkei Stock Average (+1.22%), Hong Kong’s Hang Seng (+0.37%) and South Korea’s Kospi (+0.08%).

Futures for the German DAX 30 (-0.04%) and the French CAC 40 (+0.41%) are getting ready for the European session, with EMU construction output and German 10-year bond auction to attract investors’ eyes. The UK will release labor market data.

Forex: GBP/USD eases to session lows

The sterling is trading on the back foot on Wednesday, printing session lows around 1.5340 ahead of the BoE minutes and the labour market data. Prior surveys expect the unemployment rate to remain...
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Forex Flash: EUR/USD to fail ahead of the 1.3225/50% retracement - Commerzbank

Having recovered most of the previous days’ losses and charted a new 6 week high, “we look for the market to fail ahead of the 1.3225/50% retracement”, say Commerzbank analysts, expecting the resumption of the EUR/USD down move. “Intraday the market should find initial support circa 1.3027/22 and the 200 day ma at 1.2922 en route to the 1.2740 recent low. Key support remains 1.2679/61, this is the 61.8% Fibonacci retracement of the July- to-January rise and the November 2012 low”, wrote analyst Karen Jones, pointing to a deeper retracement to 1.3340 and possibly 1.3503 (not favored) above 1.3225.
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