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Forex: EUR/USD grinding lower, around 1.3560/65

The single currency is retracing yesterday’s gains in the area around 1.3570 on Wednesday, ahead of German Factory Orders due later. Prior surveys expect the headline to contract 1.2% in a year to December.

Extremely light docket in the euro area would like the market to the mercy of the risk trends, while market participants start to focus on tomorrow’s ECB gathering.

At the moment, the cross is losing 0.11% at 1.3567 with the next support at 1.3415 (low Jan.29) ahead of 1.3377 (MA21d) and then 1.3349 (low Jan.25).
On the upside, a breakout of 1.3574 would bring 1.3620 (intraday support Feb.4) ahead of 1.3660 (high Feb.4) and then 1.3664 (Upper Bollinger).

Session Recap: Aussie punished on Aus retail sales; Euro holds onto gains

The Australian Dollar continues to show heavy price activity after a big miss in the Australia retail sales data, which strengthens the case for further rate cuts by the RBA down the road. According to the futures rate market, the chance of a rate cut stand around 50% in March now against 45% prior to the sales data.
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Asian markets closed mostly higher on Wednesday, although two of the major equity indexes – China's Shanghai Composite (-0.09%) and South Korea's Kospi (-0.10%) edged lower. Japan's Nikkei Stock Average stole the show, with a +3.77% move to 11,463, marking its biggest one-day gain since the post-quake volatile trade in March 2011 and reaching its October-2008 high. Key for the move was BoJ Governor Shirakawa's early resignation. “The big sell off in the yen has pushed the Nikkei up by 4% today despite renewed tensions with China over a maritime incident surrounding the disputed Senkaku/Diaoyu islands”, wrote TD Securities analysts.
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