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EUR/USD consolidates, Gold reaches higher


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#1 ⇑ Haut ⇑ 27-02-2013 09:47:51

Vincent
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EUR/USD consolidates, Gold reaches higher

Morning Briefing : EUR/USD consolidates, Gold reaches higher

What’s new:
Forex: Italian possible political paralysis adding uncertainty on EUR/USD
Global Markets: US equities closed in the green, Asian Equities were mixed and European equities dropped severely

Overnight rates and Indices:
EUR/USD         1.3042      1.3091        0.21 %
USD/CHF         0.9314      0.9332        0.05 %
GBP/USD         1.5081      1.5136        -0.12 %
USD/JPY           91.63        92.27          0.17 %
EUR/CHF         1.2160       1.2195       -0.15 %
EUR/JPY          119.52        120.53       -0.04 %
Dow Jones       13784.17   13918.44    0.84 %
Nasdaq             2689.83     2718.06      0.44 %
S&P 500          1485.01      1498.99      0.61 %
Nikkei 225       11253.97    11419.62    -1.27 %
Shanghai          2292.03      2324.63      0.86 %
Gold spot         1609.47      1614.94      -0.16 %
Crude Oil          92.58            92.90         0.24 %

Comments:
Yesterday European trading session has been highly volatile. Italy was at the centre of the attention, the possible political paralysis adds to uncertainty for the euro zone. Major European equities index closed deeply in the red following the MIB in its 4.89% drop. EUR/USD pair traded nervously and could not find a direction in such market conditions.

In the US, a much awaited Ben Bernanke speech was welcomed by the market that closed slightly higher. From his comments, an important point to keep in mind is that the Federal Reserve will favour taking further stimulus action rather than doing nothing, in case it is needed. A second important point that came from his comments is the concerns regarding the spending cuts that will be taking effect this Friday. Mr Bernanke voiced concerns that these spending cuts could strongly hurt the American economy.

Uncertainty in Europe combined with possible downside risks on the American economy sent precious metals to the sky. In fact, Gold and Silver had their best day of the year and Gold came back over 1600$/ounce.

Major events expected for the day are the GDP figures from the United Kingdom, the Durable Goods Orders data coming from US and another press conference by Ben Bernanke that will take place at 5pm (CET).

Good day,

Vincent Pellizzari - Junior Trader - RTFX Ltd

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