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Forex Flash: What can we expect of EUR/USD? – Commerzbank and Danske Bank

The shared currency keeps the lows around 1.3530 on Wednesday, as we get closer to the ECB monetary policy gathering due tomorrow. Recall that expectations are for keeping the status quo in the lending benchmark, although a more dovish tone from President Draghi could add extra pressure to the euro.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests, “EUR/USD traded down through its accelerated uptrend and bounced back – this was not enough to convince us that the market is ready to resume its up move… We suspect that this was a false break above 1.3485/1.3564. We have a 3 month support line at 1.3202 BUT key support is the 1.3125 6 month uptrend”.

In addition, and with focus on tomorrow’s ECB meeting, Chief Analyst Lars Christensen at Danske Bank, adds, “We continue to hold the view that the euro in broad terms will continue to appreciate over the next couple of months, as the ECB monetary policy is clearly out of sync with the policies of the Fed, BoE and BoJ”.

Gold prices edge lower to $1670.25

The price of Gold spiked yesterday in excess of 1680.00, before ultimately heading lower again to end the trading session in the all too familiar negative territory once again. According to the ICN.com analyst team, “the yellow metal recorded a low at 1666.00 just above our initial target at 1663.00. In general, pricing movements suggest a bearish step that is still valid for the duration of the day and will continue to be so as long as 1695.00 level is intact.”
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Forex Flash: BoE's Carney testimony to overshadow BoE meeting – TD Securities

TD Securities analysts expect BoE Governor Mark Carney’s testimony to highlight Thursday’s UK events, likely to focus less on nominal GDP targeting that has been the market focus and more on the broader guidance that his December speech actually emphasized. “The BoE should leave QE unchanged, though an increase or tweak to FLS is not inconceivable”, wrote analyst Richard Kelly, adding that “the BoE is likely to announce a reinvestment of the £6.1bn maturing in March to keep the APF unchanged, but the BoE could push gilt yields slightly lower at no cost to them by simply committing to reinvest maturing bonds in the future”.
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