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EUR/USD: The euro which has been in an extended slump, had been up by as much as a third of a percent against the dollar but surrendered gains and traded near unchanged at just under $1.12. The euro was bolstered by stronger purchasing manager surveys out of Germany and Italy as well as a slightly smaller fall in the first estimate of February inflation. EUR/USD correcting lower from session peaks around 1.1240. Immediate support is at 1.1100 ahead of 1.1098 with resistance at 1.1245 and finally 1.1345. Option expiries: 1.1180 (600M), 1.1200 (320M), 1.1290 (250M), 1.1350 (350M)
USD/JPY: USD/JPY clears 120 barriers, despite soft ISM data. USD gathered traction reverting the initial selling tone lifting USD/JPY to 3-week highs beyond the 120.00 handle. Pair is gaining 0.34% at 120.05 with the next hurdle at 120.48 followed by 120.68 and finally 120.74. On the flip side supports are seen at 119.63, 119.13 and then 119.11. Next in focus is Yellen's speech, followed by the ADP report, ISM Non-manufacturing and the Fed's Beige Book, all due on Wednesday. Option expiries: 119.00 (330M), 119.75 (250M), 121.00 (430M)
USD/CAD: USD/CAD is on the bid despite some disappointing US data. The pair is currently trading at 1.2541 with a high of 1.2567 and a low of 1.2474. The key event for the CAD this week will come on Wednesday, as the BoC rate decision is announced.
NZD/USD: NZD/USD is losing the battle again to the greenback, despite some shoddy display in the US manufacturing sector. The kiwi is making fresh lows at the start of the month and a break of the handle and then the 0.7480 support would likely open up room for further downside towards 0.7440 as a key milestone for the month of February. The pair is currently trading at 0.7507 with a high of 0.7564 and a low of 0.7506.
GBP/JPY: GBP/JPY rose after UK economic data to test 185.00 but it was unable to break above and pulled back afterwards, erasing daily gains. Since last week the pair is moving sideways between 183.50 and 185.00, holding a slightly bullish bias on a wider perspective. During the last hours it had been hovering around 184.50 after bottoming at 184.17.
USD/CHF: USD/CHF is consolidating daily gains as it holds above 0.9550. A daily close above 0.9530 area that was an important short term resistance could strengthen the bullish perspective for the US dollar. Before reaching the new highs the pair was trading in a short term range moving between 0.9545 and 0.9580.