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Forex: GBP/USD attempts to regain 1.5500

The GBP/USD is having a hard time at regaining the 1.5500 area succesfully after trading lower since early this week. The pair tried the upside once yesterday and is being more insistent during today's London session.

Economic sentiment in both Germany (from 31.5 to 48.2) and Eurozone (from 31.2 to 42.4) improved in February survey by ZEW, beating consensus of 35.0 and 35.5, respectively. Current situation didn't do as well, dropping from 7.1 to 5.2 in Germany, instead of rising to 9.0 as expected.

“Current rebound above 1.5437 low should be considered corrective in nature, thus preceding next wave downwards, for a test of 1.5390”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial resistance at 1.5550.

Fundamental morning Wrap: AUD joins the EURusal suspects in focus

Taking a look across institutional research this morning brings three themes into play. Sterling is out and AUD is in, joining EUR and JPY as the market focal points. On a quiet morning, attention has fallen on the pending LTRO II and Italian elections on Friday and the weekend. Over in Japan, the views appears to be that officials look like they are playing a two steps forward, one step back approach to verbal intervention, which they may feel is more subtle than it is actually coming across. finally, down under in Australia, the RBA looks unlikely to cut rates further at the moment as previous adjustments look to have had the desired effect. In the macro space, there is a bit of quiet, but the US´s rapid climb up the energy producing table is raising eyebrows, while there are hints that we may be at the start of a prolonged equity rally.
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Forex Flash: Cautiousness returns to EUR – UBS

According to Research Analyst Gareth Berry at UBS, “Our most recent edition of FX Flow Monitor indicated some caution returning to the euro on the part of asset managers and hedge funds. Elections in Cyprus and Italy may have played a role, however the perceived escalation in currency war rhetoric likely played a more dominant role.”
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