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Forex Flash: GBP continues to weaken ahead of Carney testimony – BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the pound has continued to weaken, with EUR/GBP rising towards 0.8700.

He writes, “There is a lot of event risk for the pound in the week ahead with BoC Governor Carney who will replace BoE Governor King set to testify before the Treasury Committee on Thursday. Any comments regarding the inflation target will draw market attention with expectations currently high that it could be changed opening the door to looser monetary policy ahead weighing upon the pound.”

Forex Flash: EUR/JPY with scope for 127.93 after consolidation - Commerzbank

The EUR/USD was seen soaring into 33 month highs above its interim target of the 123.00/33 (2011 high and 38.2% retracement of the move down from 2008). “This break has introduced scope to the next resistance at 127.93 the April 2010 high”, wrote analyst Karen Jones, allowing for some consolidation as the market attempts to absorb these sharp moves.
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Forex Flash: Central Bank rhetoric looks key for price action – OCBC Bank

Emmanuel Ng of OCBC Bank notes that rotational plays remained stark in the face of the release of global PMIs and the slightly disappointing US labour market reports on Friday.
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