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Forex: EUR/USD retracing from highs

FXstreet.com (Barcelona) - After climbing to the vicinity of 1.3085 overnight, the euro started a correction lower and trading back to the area of 1.3060/65 on Monday.

Uncertainty over Italy continues to linger after the re-election of G.Napolitano as President of the Republic and P.L.Bersani’s resignation as leader of the centre-left.
“President Napolitano has reportedly tied his Presidency to certain conditions, which are not yet public but could be announced today in his address to parliament… Napolitano’s desire is for a broad coalition government that adopts much-needed electoral reforms, which would be market positive”, commented Annette Beacher, FX Analyst at TD Securities.

At the moment, the cross is losing 0.06% at 1.3068 with the next support at 1.3048 (low Apr.19) followed by 1.3001 (low Apr.17) and then 1.2967 (MA2d).
On the flip side, a breakout of 1.3202 (high Apr.16) would expose 1.3229 (50% of Feb.-Apr. slide) and finally 1.3319 (high Feb.25).

Forex Flash: Australia CPI to confirm inflation remained subdued in Q1 - NAB

“With little indication of inflation pressures emerging in the early months of 2013, we expect the CPI release (due 24 April) to confirm that underlying inflation remained subdued in March quarter 2013,” said analysts at the NAB, adding: “We see underlying inflation remaining within the RBA’s target over the medium to longer term, with soft consumer spending, below-average labour cost pressures, a still high AUD and a shift in business focus towards increased efficiency expected to keep price pressures well contained,” they conclude.
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Japan’s Nikkei rises after G20 meeting

Japan’s Nikkei Stock Average remains profoundly on demand as the G20 meeting didn’t take away the merits of BoJ easing policy and allowed investors to add +1.80% to the value of the index. South Korea’s Kospi also moved higher, by +0.64%, while Hong Kong’s Hang Seng (-0.08%) and Mainland China’s Shanghai Composite (-0.31%) moved lower on today’s quiet Asian session.
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