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Forex: USD/JPY off lows after US data

The USD/JPY is seen bouncing from its lows as the US session takes place. Falling since early Asian session and, with a sharp plunge down to 92.17 low on the European morning, pressure on the pair was maintained until US trade deficit data was released.

The US trade deficit was narrowed from $-48.61B to $-38.54B in December, beating market consensus of $-46.00B.
Unlike what it was expected by market consensus, Wholesale Inventories in the US contracted -0.1% in December. Following a 0.6% rise in November, analysts were expecting a 0.4% rise today.

"The pair averts immediate risk of break below important 92.00 support, as recent reversal’s acceleration through 93.00, found footstep at 50% of 90.31/94.01 ascend and subsequent bounce approaches 93.00 handle", wrote Windsor Brokers analyst Slobodan Drvenica.

Forex Flash: RBNZ rates predicted to remain unchanged – BNZ

The recent January OCR view revealed the Reserve Bank is getting increasingly worried about excess demand in the housing market and its implications for both monetary and prudential policy. The Bank could not have been blunter when it noted house price inflation has increased and we are watching this and household credit growth closely. “In our opinion, the excesses in this market will build further. Accordingly, this will keep the central bank firmly on a tightening bias resulting in an eventual increase in the cash rate later this year.” writes the BNZ Research Team.
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Forex: GBP/USD extends gains to November low, 1.5829

The British Pound is showing signs of strength as the week ends with the 1.5800 mark back to play and an extension higher with a little help of US money flows. The GBP/USD is rising at the moment, past the previous high made ahead of US trade deficit data, at 1.5820. The market has reached November low of 1.5829 and is looking at 1.5870 (February opening price) and 1.5879 (February high).
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