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Forex: EUR/USD keeps the red ahead of US data

The bloc currency continues to trade in the negative ground on Monday, ahead of the US Factory Orders, expected to grow 1.0% in December from a flat reading in the previous month.

“We expect the euro strength to continue. The only thing that probably can stop the euro recovery is a soft currency rhetoric from the ECB on Thursday and we doubt we will see that”, suggests Chief Analyst A.von Mehren at Danske Bank.

At the moment, the cross is losing 0.66% at 1.3561
Next support levels line up at 1.3542 (low Jan.31) followed by 1.3483 (low Jan.30).
On the other hand, a climb beyond 1.3660 (hourly high Feb.4) would bring 1.3711 (high Feb.1).

Forex Flash: BoE to target nominal GDP levels? – Goldman Sachs

Mark Carney, who will replace Mervyn King as BoE Governor in July, recently argued that central banks should make greater use of explicit forward guidance in “extraordinary” times, including, if necessary, changing their remits to target the level of NGDP (nominal GDP) rather than the inflation rate.
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Forex Flash: Important and sustained trends are in place, despite the pullback – BBH

Brown Brothers Harriman analysts believe that despite the Euro pull back today, important and sustained trends are in place.
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