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1 May 2013

Forex: EUR/USD climbs above 1.3200

FXstreet.com (Barcelona) - The shared currency is extending its correction higher on Wednesday, leaving behind the key resistance at 1.3200, as market participants remain biased towards the riskier assets.

Investors are focused on the ADP report and the ISM manufacturing index in the US, expected at 150K and 50.9, respectively. “ We do think that the poor economic performance and evidence of disinflation will quiet some of the hawks (maybe even lose the dissent) and that should Friday's employment report also disappoint, the hawks may have to fight a rear-guard action by the doves, like Chicago Fed's Evans, who wants the Fed to do more”, argued the research team at BBH.

The cross is now advancing 0.32% at 1.3211 with the next hurdle at 1.3226 (50% of Feb-Apr slide) ahead of 1.3319 (high Feb.25) and finally 1.3343 (61.8% of Feb-Apr slide).
On the flip side, a breakdown of 1.3120 (hourly high Apr.30) would open the door to 1.3052 (MA21d) and finally 1.2988 (low Apr.25).
May 1, 2013

US MBA Mortgage Applications increase to 1.8% in Apr 26 from 0.2%

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May 1, 2013

Forex Flash: India CPI decelerated in April but should rise further on cuts in fuel subsidies – TD Securities

The Indian CPI decelerated from 5.9% in March to 5.6% Y/Y in April, printing slightly below consensus and our 5.7% forecast. According to TD Securities analysts, the decline reflected a small drop in administered and core prices, mainly fresh food, processed food and clothing. “Inflation remains above the BI’s upper target of 5.5%, and will rise further as the government has pledged to deliver cuts in fuel subsidies in May. We expect that a rise in inflation throughout the year will drive Bank Indonesia to raise interest rates by 75bp, starting in Q4’13”, wrote analyst Marcin Budkiewicz.
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