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Forex Flash: December deficit may keep USD/JPY elevated – OCBC Bank

Emmanuel Ng of OCBC Bank suspects that the December 2012 current account deficit may continue to keep the USD/JPY aloft.

He feels that upside resistance still expected towards 94.00-94.40 while 93.00 is expected to emerge as an intra-day support while market consensus towards a dovish BOJ remains sufficiently concentrated at this juncture and this effectively is expected to impart sustained drag on the JPY across G10 space.

Looking to AUD/USD he notes that with the RBA lowering its GDP and core inflation forecasts and reiterating that scope remains for further rate cuts if necessary in its latest quarterly monetary statement this morning, AUD/USD may remain under threat from the bears in the near term. With the 200-day MA (1.0312) now serving as a resistance level, downside supports are now seen at 1.0250 and then at 1.0200, before 1.0150.

Forex Flash: Positive Spanish and Irish news overshadowed – OCBC Bank

Emmanuel Ng of OCBC Bank notes that the positive news flow out of Spain (debt auction) and Ireland (agreement with the ECB to reduce the debt burden) were overshadowed by Draghi’s comments yesterday and in the near term, any breach of the 1.3385 floor may risk a dip towards 1.3300.
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Forex Flash: Bids halts EUR/USD Draghi nosedive – BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman believes that the nosedive to post a low at 1.3375 yesterday was merely corrective and is anticipating the resumption of the Euro´s up-trend. He highlights that this is the type of pull back, more than 2% of the high, that offers opportunities for short and medium term participants.
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