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Forex: EUR/USD on new 1.29-1.32 range - Ashraf Laidi

Following the recovery in EUR/USD to fresh highs of the week circa 1.31, "Euro’s downside appear relatively supported near 1.2900 as the ECB holds off from cutting rates and an eventual fix in Italian politics via an effective formation of a pro-austerity government leads to stabilization in EURUSD" says Ashraf Laidi, founder at AshrafLaidi.com.

Ashraf notes that "Draghi’s opening remarks did not mention “appreciation of the euro” as a factor in downside risks to price developments as they did in February..." and that, plus "mentioning fewer factors to the downside price risks is naturally more positive for the currency, especially when currency appreciation itself is singled out as the distinctive factor between today and February" the analyst said. He tips 1.2900-1.3200 the new range until further clarity is obtained on Italian elections round 2.

Forex: Aussie falling on bad China imports data

Aussie is currently printing fresh session lows at around 1.0250, on the back of bad imports data for China showing a -10% decrease, which is a bad signal for Australia, as China is one of biggest trade partners for Aussie exports. The pair is slightly lower for the session being, while still in the positive for the week, up +0.54%.
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Forex: USD/JPY prints yet another fresh high above 95.20

Following Chinese trade balance figure recently released, showing a trade surplus when a deficit was expected, on the back of massive exports and quite bad imports, USD/JPY has broken to fresher highs last at 95.22, highest since Aug 2009. Nikkei in the other hand rises above the 12200 points, highest since Sept 2008, up +2.11% for the day so far.
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