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Forex Flash: Eurozone expected to exit from the crisis gradually throughout 2013 – Deutsche Bank

FXstreet.com (Barcelona) - Elke Speidel-Walz, Chief Investment Strategist for Deutsche Bank, believes that the beginning 2013 will bring a deepening of recession in the Eurozone and that growth should not kick in again until the second quarter of 2012 “when improving external demand will be one factor stabilizing the Eurozone economy.”

The analyst reminds however that 2012 brought some improvements to the Eurozone economy, due to the introduction of the two LTRO's by the ECB, which helped contain “systemic risks in the banking sector,” as well as the structural reforms implemented by the Member States.

In 2013 Elke Speidel-Walz expects fiscal austerity to pass its peak and inflation to “stay easily within the European Central Bank’s 2 percent target. The central bank's OMT program might not be implemented at all, remaining just as a “reassuring backstop.” As far as political events are concerned, the Italian general elections in April, German parliamentary elections in autumn and the French progress on reforms will remain in focus.

Forex Flash: USD/JPY correction lower may not be complete – Commerzbank

The USD/JPY is holding above the 240 minute cloud (the base of this is currently located at 87.81). “This has under pinned the market since the 13th December and it is possible that the correction lower is already complete”, wrote analyst Karen Jones. “However, we are slightly biased to a slightly deeper sell off towards the 86.13 2 month uptrend”, where it would still be well placed to recover, according to her. “Our target remains 93.32 – the measurement higher of the triangle”, she continued, pointing to 84.99 and 83.50 (50% retracement of the move up from September) in case of a break below 86.13.
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Forex Flash: Dollar Index could soften further – Wells Fargo

Nick Bennenbroek, Head of Currency Strategy at Wells Fargo feels that the U.S. dollar could soften further in the near-term given Fed easing and as improved market sentiment supports foreign currencies, before firming on volatility surrounding U.S. budget talks.
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