USD INDEX enters its 3rd weekly decline, which would be the longest losing streak since October 2009. USDX breaks below the 55-day MA for 1st time since Dec 4th, looking vulnerable for a breach below 79.15. The EU/IMF agreement as well new highs in equities have helped extended USD losses to EUR and GBP. A confirmation of Chinas Q1 GDP figures tonight (after they were leaked to show a 11.9% jump could intensify risk appetite in Asia, unless PBOC reiterates its aim to rein in lending. GBPUSD regains the 55-day MA, with the weekly stochastics suggesting further run-up towards $1.5550. But daily stochastics do not appear as positive, thereby, suggesting a near-term pause in cable. Bernanke did not mention the low rates mantra, but higher oil prices following the unexpected draw in crude inventories helped boost stocks and oil.
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