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6 Mar 2013

Forex: USD/CHF surges to 0.9449/51 after GDP data in the EMU

The USD/CHF has moved higher Wednesday during European trading, establishing fresh highs at 0.9449/51 on the heels of economic data out of the EMU. The pair seems to be one of today’s top performers, securing a steadfast gain of +0.42% thus far.

In the EMU, Gross Domestic Product s.a. (QoQ) has contracted -0.6% in the fourth quarter, in line with expectations of -0.6% and down from -0.1% previously. In addition, Gross Domestic Product s.a. (YoY) has shrunk -0.9% in the fourth quarter, matching estimates which called for -0.9%.

The ICN.com Technical Analyst Team identifies the next means of resistive correction at the 0.9465, handle, up to the 0.9490 level, and ultimately 0.9515. Conversely, a prolonged retracement will eventually test supports at the 0.9400 barrier, onto the 0.9375, and 0.9350.

“The slight USD/CHF downside bias is limited above 0.9375, and accordingly we still see the bullish move valid especially with stability above 38.2% correction at the 0.9385 level.” notes the ICN.com analysts.
Mar 6, 2013

Forex Flash: BoC to keep rates but sound dovish – TD Securities

It's widely expected that the BoC keeps the overnight rate unchanged at 1.00% before heading to the press conference room: “We expect the Bank will express disappointment that both economic growth and core inflation through the end of 2012 fell short of the forecasts presented in the January Monetary Policy Report”, wrote TD Securities analysts, expecting the Bank to also reiterate its view that economic activity should recover over the balance of the year and into 2014. TD Securities analysts see scope for softer language, “but the Bank will likely stop short of reverting to a neutral forward-looking statement”.
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Mar 6, 2013

EMU: GDP falls 0.6% in Q4, as expected

On a quarterly basis Eurozone GDP decreased 0.6% in Q4, following a 0.1% drop registered the previous quarter, according to second estimates released today by Eurostat. This result is in line with market consensus.
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