Forex Flash: USD to remain on the defensive – Rabobank (Córdoba) - Risk events and bad news were not in short supply in 2012 yet FX volatility declined and many 'risky' assets have a good year, notes the Rabobank analyst team.

"Central banks looks set to continue supporting risk appetite in the months ahead and as a consequence we expect the USD to remain on the defensive despite the subdued global macro-economic backdrop", they comment. "We expect EUR/USD to end 2013 around 1.35".