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Forex: EUR/USD briefly dips below 1.3600

Following a phase of hesitation in the wake of a solid US employment report, EUR/USD came under pressure and turned lower, having lost over 80 pips within the last hours amid profit-taking post NFP.

EUR/USD slipped back below the 1.3600 level and hit a session low of 1.3585 before finding support and recovering helped by a better-than-expected US ISM manufacturing PMI. At time of writing, EUR/USD is quoting at the 1.3630 zone, still up 0.4% on the day.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com recently commented that with a break below 1.3590/1.3600 area, the pair could fall toward 1.3550 without really affecting the dominant trend. "In the long ride, the upside continues favored and once back above 1.3640, the pair may attempt to retest the highs".

US: Construction Spending rose 0.9% in December (MoM)

From a -0.3% contraction in November, construction spending in the US rose 0.9% in December. Actual data beat consensus of 0.6%.
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Forex Flash: USD/JPY reaches head and shoulder reversal target on the week – TD Securities

TD Securities analysts point to the JPY as a big mover in the Asian session: "Speculation that the new Japanese PM Abe will appoint a new BoJ Governor more aggressive on easing measures was the main impetus, but disappointing jobless data and household spending figures did not help the tone", wrote analysts Shaun Osborne and Greg Moore, pointing to a USD/JPY at fresh highs since 2010.
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