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Forex: EUR/GBP down on opening, UK retail sales ahead

From as high as 0.8633, the EUR/GBP eased ahead of the London opening down to the 0.8600 mark and even lower. The cross fell to as low as 0.8580, for now, after the release of Spanish CPI data and EU Rehn's words.

At the G-20 meeting, Rehn called for more focus on reforms and less attention to fiscal and monetary stimulus. Spain had both CPI and harmonized data easing less than expected in January. Headline CPI fell only from 2.9% to 2.7% (consensus of 2.6%), with the monthly change of -1.3% (consensus of -1.4%).

Soon, at 09:30 GMT, UK retail sales will be published, with analysts expecting rising figures in January. "The big wildcard here is how sales held up in the face of the cold and snowy weather. While we don’t expect the negative impact to be nearly as large as it was during the more substantial weather disruptions in Jan and Dec 2010, we do think that it adds some downside risk to the consensus call", wrote TD Securities analyst Alvin Pontoh.

"Dips lower should remain well supported by the short term support line at 0.8511 ahead of the 0.8440 region", wrote Commerzbank analyst Karen Jones, expecting a retest of 0.8714 recent high.

Forex: NZD/USD stabilizes above 0.8500 level

The kiwi received a huge boost overnight after New Zealand reported some upbeat Retails sales data, effectively driving the NZD/USD to 2.5 year highs at the 0.8530 region. As of European trading Friday, the pair has eased off that price however, though it is still clinging to positive territory in the area of 0.8512/15.
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Forex Flash: USD/JPY looks bearish ahead - BTMU

Bank of Tokyo Mitsubishi UFJ analysts believe that USD/JPY looks bearish ahead and will move between a range of 91.50-94.50.
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