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Forex Flash: EUR Reality Check – OCBC Bank

Emmanuel Ng of OCBC Bank notes that the Euro took a reality check on Monday as underlying political concerns in Spain and Italy resurfaced while the resolution of the majors ended largely mixed against the dollar.

Meanwhile, he notes that a slightly more consolidative mood within global markets also saw the JPY retrace partially against its peers, despite more dovish comments from Japanese Finance Minister Aso. Ng sees that this week, all eyes will be on the ECB, with particular attention expected to be focused on Draghi´s comments pertaining to the economic outlook as well as any references to the valuation of the EUR. He adds that on Thursday, a two day EU summit n fiscal matters is expected, but this is believed to be secondary to the ECB on Thursday.

United Kingdom Markit Services PMI improves to 51.5 in Jan from 48.9 in Dec

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Forex Flash : US Dollar & Yen firm as political uncertainty rises in Europe – BTMU

Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the USD and Yen have continued to firm in the Asian trading session, reflecting rising political uncertainty in Europe which is resulting in a re-widening of the Eurozone sovereign credit risk premium.
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