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Forex Flash: EUR/USD key to EUR cross direction – Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale believes that investors should look to re-buy EUR/JPY and EUR/GBP if EUR/USD tests and holds 1.3400.

He feels that after a huge risk rally at the start of 2013, markets are in a correction, induced by a weaker US equities and Spanish political uncertainty. Juckes notes that the corrections in European equity and bond markets have reversed a couple of months’ worth of price gains, whereas the EUR/USD move is far smaller – reversing only a few days of gains. That tells him something about positioning and sentiment which in terms of the Euro is not yet overly bullish.

He writes, “Without the bullish backdrop needed for a large-scale capitulation, we are more likely in a mild correction than at a turning point. On the basis of the last couple of meaningful corrections, the level to buy EUR/GBP and EUR/JPY is when EUR/USD is around 1.34, though a bounce is unlikely until after the ECB meeting on Thursday.”

Forex Flash: EUR/USD consolidates as GBP/USD remains dogged by concerns – OCBC Bank

Emmanuel Ng has taken a look at EUR/USD and GBP/USD and the issues driving the European majors for the day ahead.
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Forex Flash: JPY prospects negative – OCBC Bank

Emmanuel Ng of OCBC Bank notes that looking ahead, the prospects for the JPY may remain negative, especially if the expected news flow surrounding incoming BOJ governor candidates continues to centre on perennial doves.
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