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WEEKLY FOREX REPORT BY EPIC RESEARCH-16 APRIL 2012
1. weekly Forex Report (16 APR 2012)
Weekly News
Euro dips, data shows Spanish banks' reliance on ECB.
Aussie falls as China growth disappoints.
Sterling near 3-mth high vs euro, 19-mth trade-weighted peak.
Euro break below 2012 low of 82.22 pence could open test of 80.
Euro rises, but remains vulnerable to sovereign debt worries.
Weekly trends of the market dollar.
Month-end, quarter-end flows weigh on
Spain budget aims to save 27 bln Euros.
The euro slipped as Spanish bond yields rose on data showing the country's banks were
relying heavily on ECB lending, although the common currency looked unlikely to break out of
recentposts second weekly gain; Disappointing Chinese GDP data also weighed on the euro
its Euro range against the dollar. Aussie stabilizes.
EZ finance ministers meet next week0.5 discuss rescue deal. U.S. counterpart. The Chinese
and pushed the Australian dollar down to percent against its
economy grew 8.1 percent in the first quarter of 2012, below forecasts of 8.3 percent.
China outlook to continue to influence currencies.
The yuan edged higher after the central bank set its second-highest midpoint ever in
response to a weaker dollar, but dealers doubted that the gains pointed to a renewed
appreciation trend. China's central bank tends to set a stronger midpoint in response to a
weaker dollar overnight, and vice versa, but the relative magnitudes vary. First-quarter GDP
Dollar rallythe Chinese economy grew 8.1 percent from a year earlier, down from 8.9
data showed seen on course as U.S. outlook improves.
percent in the fourth quarter last year and slower than the 8.3 percent economists had
Speculators increase bets against yen in latest week.
expected. The growth rate was also 8.1 percent in the second quarter of 2009, when the
Sterling touches 5-mth high vs dollar.trillion yuan stimulus plan The weak new GDP figure
government was starting to roll out a 4
could reinforce expectations that the government will hold the yuan steady in the near term.
Aussie rises, yen slips as regional shares climb.
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