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Forex Flash: Currency market driven by technicals – Deutsche Bank

FXstreet.com (Barcelona) - According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “What was already a technically driven market dominated by high global liquidity and demand for fixed income seems to have stepped up another gear with the recent Japanese QE.”

A few have seen in-flows pick up almost immediately after the recent announcement. So its been a year where no-one has knocked it out of the park and its fair to say most would like more volatility and more dispersion between credits. Many fear a continued sterile market though.

On Europe many have been impressed by how Italy and Spain seem to be behaving like rates markets again rather than credit markets which has been interpreted as very positive even if growth is weak. QE in Japan gets a lot of credit for this after the OMT halo effect was starting to plateau in Q1.

Forex Flash: GBP/USD close above 1.5400 needed to confirm upside breakout - BBH

The UK is the first G7 country to report Q1 GDP, notes the BBH analyst team. According to them, the market had been prepared for a +/- 0.1% reading, and the upside surprise of a 0.3% expansion sent sterling to above 1.5450, the highest since February 20.
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