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Session Recap: Yen fortitude stays; Aussie longs re-emerge

Against the backdrop of G7 headlines, in which one would assume that international players are still distant from sounding too threatening on the new mix of policies in Japan to beat deflation and as a by-product weakening its currency, the Yen has persevered with its fortitude through the Asian session, topping the climbers of the G10 board.

Another standout currency during Asian hours was the Australian Dollar, with long accounts taking the rate against the US Dollar to the sensitive level of 1.0360, suggesting that the downtrend is teetering. Consumer confidence in Australia saw rate futures market reducing odds for an additional RBA rate cut in March.

The Pound recovered further ground, while the Euro stood largely unchanged awaiting the opening of London.

Main headlines in Asia

- New Zealand Finance Minister English: NZ Growth outlook similar to Australia’s

- AUD/USD needs break above 1.0350/60; corrective pattern in peril

- AUD/NZD: Exodus of longs continues

- AUD/USD spikes above 1.0320 after Aus cons conf beats estimates

- Australia – Westpac/MI Consumer Confidence Survey Recap

- Westpac Aus consumer confidence exceeds expectations - NAB

- Market ahead of itself discounting RBA cuts?

- Bloomberg article: Plosser recap

- Obama addresses congress at the SOTU speech

- AUD/USD breaks to fresh 5-day highs above 1.0350

- AUD/USD: More trailing stops going off above 1.0350

- USD/JPY break of 93.00 allows further losses

Forex Flash: Westpac Aus consumer confidence exceeds expectations - NAB

Today, Westpac consumer confidence in Australia “revealed what could only be described as a consumer that is starting to see some blue sky,” said Senior Economist Markets at the NAB, David de Garis, noting “Consumer sentiment rose a sturdy 7.7% in February to an index level of 108.3, a level that is now above its long term average and clinically consistent with good levels of consumer spending.”
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Forex: GBP/USD stalls the recovery below 1.5700

GBP/USD has been recovering since Tuesday's fresh 6-month lows at 1.5571 following UK CPI data yesterday, last at 1.5683, off recent session highs at 1.5689. The pair is higher from previous Asia-Pacífic open by +0.19% though still below weekly start by -0.73%, ahead of key BoE inflation report and gov King speech at 10:30 GMT.
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