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Forex Flash: EUR/USD calendar over next week looks skewed in favour of renewed downside - Westpac

FXstreet.com (Barcelona) - Following fresh 2-month lows in EUR/USD printed at 1.2906 around NY close, “The event risk calendar over the next week looks skewed in favour of renewed EUR/USD downside,” says New York based Westpac analyst Richard Franulovich, adding: “Regionwide advance May PMIs are scheduled for Thursday next week. We won’t be holding our breath looking for stronger May PMIs based on the just released ZEW survey (current conditions) for both Germany and the Eurozone,” Richard notes.

“Bernanke testifies before US Congress next week on the economic outlook as well,” he expands. “He is likely to signal that if and when asset purchases slow it will be conducted in, 'careful and halting steps,'” the analyst suggests, concluding: “That could if anything take some steam out of the USD. However, expectations in the lead up to his testimony are apt to focus more on the big picture tapering theme, underpinning the USD.”

Forex: AUD/USD approaching critical trend line support on weekly chart

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Commodities Brief: Precious metals struggles as US Dollar Index adds to gains

It was another tough day for commodities with gold, silver, and oil all closing in the red. The US Dollar Index was well bid throughout the session, closing at its highest level since late August. Equities once again were the outperformers, with the S&P 500 gaining 1.04%, to close at a new all time high of 1650.34.
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