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Forex: USD/JPY pressured by G20, closer to 92.00

Having weakened to 92.25 low on risks of Japan policy intentions being publicly condemned by the G-20 and speculation about a less radical incoming BoJ Governor, the USD/JPY attempt to erase losses didn't last long as European officials talked down exchange rate policies and called for focus on reforms. This second downward momentum found its low at 92.23, and the market is currently erasing losses.

Just released, EMU trade surplus in December was narrowed from €13B (revised from €13.7B) to €11.7B, instead of ending at €13.1B as expected.

"Break here (92.00) would be a trigger for more significant correction and open 91.25, 50% of 88.05/84.45 upleg next", wrote Windsor Brokers analyst Slobodan Drvenica, adding that any bounce higher would face initial barriers at 92.80/93.00 zone, while only regain of 93.70/76 double top of 13/14 Feb, will shift near-term focus higher.

Forex Flash: US market recap, more than meets the eye – Deutsche Bank

Amidst the background of the G20, the US session was far more interesting than the closes suggested. Despite the S&P500 (+0.07%), Dow Jones (+0.07%) NASDAQ (+0.06%) and CDX IG (+0bp) indices all closing virtually unchanged on the day, there was a lot to digest. The opening bell saw the S&P 500 trade 0.4% lower after euro area GDP disappointed (-0.6% QoQ vs -0.4% expected) with Germany, Italy and France all coming in lower than expected.
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EMU: Trade surplus unchanged at €12B in December

Eurozone Trade surplus s.a. remained unchanged at €12 billion in December, according to data released today by Eurostat. Eurozone trade surplus n.s.a. narrowed to €11.7B in December, from €13.0 billion in November and against expectations of widening slightly to €13.1 billion.
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