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Forex Flash: Risk appetite permeates markets in dollar sell off – Investec

FXstreet.com (Barcelona) - Risk appetite looks set to continue Friday as the European session looks to build on positive Asian gains. According to the Investec Research Team, “The overall positive tone has been underpinned by a wide dollar sell off”, as seen with the GBP/USD climbing back towards the mid 1.5300’s.

The general tone can clearly be seen by the climb in the AUD/JPY over the last few sessions, with the market favoring the higher yielding asset linked Aussie dollar over the safe haven yen. A look back at yesterday’s fundamentals also makes for interesting reading. Despite Thursday’s below par retail sales reading, sterling has held its ground against both USD and EUR, with the euro making gains on the dollar after the Bundestag approved the Cypriot bailout.

A clear majority voted in favor of the Cypriot package with German Finance Minister Schauble assuring fellow politicians that approving the aid would prevent the crisis from spreading to other countries. The proof in the pudding is in the eating as they say but Schauble’s statement sounds all too familiar, do we soon forget recent events in Greece and Ireland?

Forex Flash: GBP/USD loss of 1.5166 will confirm resumption of down move – Commerzbank

Despite the inside day charted yesterday, Commerzbank analysts keep their outlook unchanged. “We continue to view 1.5412/20, the recent high and the 38.2% retracement as an interim high”, wrote analyst Karen Jones. “Loss of the 1.5166 uptrend will add weight to the idea that the market has resumed its down move. Below here will trigger losses to the 1.5028 (the 20th March low)”, she continued, expecting the 61.8% retracement at 1.5052 to hold the initial test. “A break below here is needed to trigger another leg lower to the 1.4832 March low. Longer term we target 1.4229, the 2010 low”, she concluded.
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Forex Flash: USD/CNY looks bearish ahead - BTMU

Bank of Tokyo Mitsubishi UFJ analysts are bearish on USD/CNY for the week ahead and see spot moving between a range of 6.1650 and 6.1950.
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