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Forex Flash: US/European equities look to consolidate – Goldman Sachs

According to the Economics Research Team at Goldman Sachs, “We expect global growth to improve from 3.1% in 2012 to 3.3% in 2013 and accelerate further to 4.1% by 2014. However, due to the drag from fiscal contraction we only expect the US to reach a trend-like level of growth by 4Q 13.

Some US fiscal uncertainty remains and the European sovereign situation could deteriorate again, though we see risks as smaller than last year. In terms of equities, “we remain Overweight over 12 months and expect returns to be supported by a combination of a rebound in global growth, accelerating earnings growth and declining risk premia. Over 3 months we downgrade to Neutral as we expect near-term consolidation after the strong gains.” they add.

Forex: USD/JPY testing the 93.00 level

The USD/JPY has rocketed higher in recent minutes, jumping 32 pips during European trading Monday. At the time of writing the pair is testing the vaunted 93.00 level (initial resistance), having secured an advance of +0.26% thus far.
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Forex: GBP/USD drops below 1.5750

The GBP/USD didn't hold above 1.5750/60 for long, and downside pressure pushed the pair for a new plunge that is approaching the 1.5700 psychological level. As of writing, the market trades at 1.5712.
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