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Forex Flash: RBA sees recovery but room to cut again - NAB

RBA’s new forecasts in today’s Quarterly Statement, according to NAB, "could be described as cautiously optimistic, probably a bit too much" economist Robert Henderson notes.

Robert adds: "NAB still expects the economy to be weaker through 2013 and that the unemployment rate will continue to rise as the mining boom peaks this year. We still see 75bps of cuts to 2.25% during 2013."

"While more rate cuts will be eventually needed, we concede that OK recent data have made it less clear the next cut will come as early as March, our current forecast" Mr. Henderson said.

Forex: EUR/USD licking its wounds above 1.34

EUR/USD is currently resting above the 1.3400 level, off fresh 9-day lows at 1.3368 printed in early NY trade, following ECB press conference in late London trade. The pair has been more than 12 hours licking its wounds from latest massive 2-day fall since past Friday's NFP when it reached fresh 14-month highs at 1.3711. EUR/USD is down so far -1.8% for the week.
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Forex Flash: Long-running EUR/CHF uptrend unlikely - HSBC

HSBC research team has published their view on the Swiss Franc, in which concerns about sustainability in the EUR/CHF rally are highlighted, saying that "the risk-reward of being long is quite different at 1.2500 than at 1.2050, thus should risk appetite falter, there is scope for some fresh CHF strength before the SNB needs to step back into the market with FX intervention."
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