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Forex Flash: ECB to stay on hold for the foreseeable future - Rabobank

“The ECB’s view of the economy hasn’t changed,” analysts at Rabobank say, “and it still expects a stabilization and gradual recovery from 2013H2 onwards,” they add. “But it admits that weak economic activity has “extended into spring” i.e., longer than it had previously anticipated, and this triggered the rate cut,” Rabobank concludes.

From Rabobank: “Looking forward, we expect key ECB rates to stay on hold for the foreseeable future,” they suggest.

Forex: GBP/JPY closes higher but remains in consolidation on daily chart

The GBP/JPY closed the session up 72 pips at 152.06. At point, the pair traded as high as 153.23, but was unable to maintain a bid at higher prices. The pair is currently edging higher during Asia trade, up 14 pips at 152.25. Economic data out of the UK will be limited to the Market Services PMI at 8:28 GMT. However, expect the action to really pick up when the US Jobs Data is released later in the day at 12:30GMT.
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Forex: GBP/USD ends six day winning streak, fails again at 1.5600 resistance

The GBP/USD finally ended its six day winning streak, closing down 22 pips at 1.5533. At one point, the pair traded as high as 1.5590, but was unable to take out the critical 1.5600 resistance level. Construction PMI came in better then estimates at 49.40 vs. 48.00 forecast, but the pair was unable to sustain early gains. Furthermore, Market participants will keep an eye on the US Non Farm Payrolls data due out at 12:30 GMT.
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