Forex Flash: EUR/USD starts to bounce, directly offered below 1.3178 - Commerzbank

The EUR/USD is bouncing higher “and while we would allow for this to extend further, both cloud resistance on the 240 minute chart (up to 1.3200) and the accelerated downtrend at 1.3178 are expected to cap the topside and the market will remain directly offered while capped here”, wrote analyst Karen Jones, pointing to initial support at 1.2885/76 (7th December low and 78.6% retracement). “We have a short term downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low”; she added, targeting 1.2400 then 1.2050/42 (2012 low) on the longer term.

Mar 8, 2013

Forex Flash: US payroll data unlikely to yield over 200k via technical terms – UBS

Aside from the global central bank decisions, US data was of particular interest throughout the week, all building up to Friday's payrolls print. The employment components of the key purchasing managers' reports for February have all been released and in general the high levels held well - e.g. non-manufacturing ISM registered 57.2 for this sub-component.

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Mar 8, 2013

Forex Flash: USD/JPY poised for further accommodation - OCBC Bank

Emmanuel Ng of OCBC Bank notes that looking ahead, slightly better than expected 4Q GDP numbers notwithstanding, markets may remain focused on the potential for further monetary accommodation with the imminent arrival of the new BOJ leadership.

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