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28 Mar 2013
Forex Flash: Politics and indicators weight on EUR/USD - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank sees that apart from Italian/Cypriot tensions, the EUR/USD was also weighed by disappointing March confidence indicators.
He writes, “We continue to see potential for the EUR/USD to test lower with the gradually driving south and away from its 200-day MA (1.2884) and with the pair increasingly eyeing the 1.2680 neighborhood.” Moving to GBP/USD, he adds that largely expected weak reading from Q4 GDP numbers did no favors for the GBP on Wednesday, although jitters towards the Eurozone saw the EUR/GBP inching yet lower. He adds, “In the interim, the GBP/USD may trawl a familiar 1.5000-1.5200 range as we do not perceive any inclination to stage a breakout just yet.”
He writes, “We continue to see potential for the EUR/USD to test lower with the gradually driving south and away from its 200-day MA (1.2884) and with the pair increasingly eyeing the 1.2680 neighborhood.” Moving to GBP/USD, he adds that largely expected weak reading from Q4 GDP numbers did no favors for the GBP on Wednesday, although jitters towards the Eurozone saw the EUR/GBP inching yet lower. He adds, “In the interim, the GBP/USD may trawl a familiar 1.5000-1.5200 range as we do not perceive any inclination to stage a breakout just yet.”