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Forex Flash: Euro higher and another cut in interest rates ahead from ECB - ANZ

With EUR/USD last at 1.3582 just one day ahead of next ECB meeting, “overall monetary conditions are something that the ECB will be watching,” ANZ's Research Team says, adding: “If the exchange rate were to appreciate sustainably from here at a time when the economy remains substantially sub-trend, then that could become an argument for the ECB to cut interest rates,” the analysts suggest.

“The shift higher in longer term interest rates could also contribute to such a decision. We anticipate further EUR appreciation in the months ahead and another cut in interest rates from the ECB,” they conclude.

Forex Flash: USD index 1-month target at 78.00 - Westpac

“There is the seasonal propensity for the US data to cool into mid-year while China’s recovery is likely to plateau by mid-2013,” says New York based Westpac analyst Richard Franulovich. “The early signs of a topping out in broad US financial conditions adds another layer of caution,” he notes.
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Forex: GBP/USD quiet above fresh 5-month lows 1.5630

Quiet Asian session for Cable, last at 1.5660, unchanged from its NY close, and trapped inside a thin trading range 1.5650/65 following the bounce in mid NY session at fresh 5-month lows 1.5630. The pair reached a fresh weekly high yesterday at 1.5804 with better than expected UK PMI services data at 51.5, best in 4 months, but it then started to see strong sells, breaking into the new mentioned lows.
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