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12 Mar 2013
Forex: EUR/JPY pressured, held by 125.00
The EUR/JPY erased its Asian session gains that reached as high as 126.04 earlier in the day. The cross dropped harder on the European opening, going as low as 124.78, but the market was able to bounce back to 125.00 ground.
Just published was Italy CPI, at 0.1% (MoM) and easing from from 2.2% to 1.9% in February (YoY), as expected. The EU normalized figure made no surprise by dropping from 2.4% to 2.0%.
Germany WPI came in at 0.1% in February (MoM), below 0.3% consensus. CPI and HICP came in at 0.6% and 0.8%, respectively, as expected. France current account deficit widened from €-3.8B (revised from €-3.6B) to €-5B in January.
"We believe that the market has resumed its bull move towards the end of last week and as a consequence look for a move to the 127.71 February high", wrote Commerzbank analyst Karen Jones, pointing to 20 day MA at 123.27 as support.
Just published was Italy CPI, at 0.1% (MoM) and easing from from 2.2% to 1.9% in February (YoY), as expected. The EU normalized figure made no surprise by dropping from 2.4% to 2.0%.
Germany WPI came in at 0.1% in February (MoM), below 0.3% consensus. CPI and HICP came in at 0.6% and 0.8%, respectively, as expected. France current account deficit widened from €-3.8B (revised from €-3.6B) to €-5B in January.
"We believe that the market has resumed its bull move towards the end of last week and as a consequence look for a move to the 127.71 February high", wrote Commerzbank analyst Karen Jones, pointing to 20 day MA at 123.27 as support.