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Forex: GBP/USD steady around 1.5570 after digesting BoE report and King speech

The GBP/USD is highly pressured today after this London morning's BoE Quarterly Inflation Report and Governor Mervyn King's speech. After falling strongly to 1.5534 low, the market is trading steady around 1.5570.

The BoE statement says the UK GDP will stay below pre-crisis level until 2015 and CPI should stay above target for most of the next three years. BoE Governor King believes the UK is set for a less normal recovery and that further monetary stiimulus might only boost market optimism, and not economic growth.

“Although the rebound from 1.5570 low manged to break through 1.5630 resistance, I think, that the downtrend is still intact and my outlook is bearish, for a slide towards 1.5470”, wrote Deltastock.com analyst Stoyan Mihaylov.

Forex: USD/JPY calm after retracing losses

After easing throughout the Asian session to as low as 92.83, the USD/JPY regained the 93.00 handle and shot up above the opening price during the European shift to as high as 93.78. The pair is currently consolidating around 93.60.
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Forex: EUR/JPY back above 126.00

The shared currency strengthened during the European session and resumed the upside versus the yen after sliding to a 2-day low of 124.75. EUR/JPY has risen nearly 180 pips within the last hours, piercing the 126.00 hurdle to hit a high of 126.54 in recent dealings.
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