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Forex Flash: EUR shorts continued to shrink – Rabobank

FXstreet.com (Barcelona) - The single currency has found extra support for its upside in the better-than-expected German factory orders during March, posting a monthly expansion of 2.2%, way above forecasts calling for a 0.5% contraction.

According to the last CFTC COT report, Strategist Jane Foley at Rabobank argued “The ability of positions to shrug off easing talk suggests that EUR is likely to stand up well to the dovish stance of ECB President Draghi”. Regarding the greenback, Foley commented that long positions continued to scale back, drifting away from recent historical levels.

Session Recap: Euro recovers ground

The euro advanced versus most competitors during the European session in the wake of the much stronger than expected German industrial orders data, with EUR/USD climbing back above 1.3100 to a high of 1.3131. The move comes after the cross fell to the 1.3050 area on Monday on Draghi comments.
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Forex: EUR/JPY jump stalls at 130.35/40 weekly highs

Once again, the EUR/JPY failed to extend the upside above 130.35/40 area following the unexpected 2.2% growth in factory orders, instead of the predicted -0.5% contraction. Since May 3 that the cross has been attempting at advancing through the chart up to 131.13, April 11 high, but the 130.35/40 zone has been stalling repeatedly.
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