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Flash: What can we do with the EUR/USD? – Commerzbank and UBS

FXstreet.com (Barcelona) - The bloc currency is trading in session highs in the vicinity of the key mark at 1.2900 on Thursday, after flash PMI prints above estimates in Germany and EMU are bolstering the sentiment.

In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD has probably already ended its near term correction higher at 1.2998 yesterday. While it remains below this level, last week’s 1.2796 low remains in focus. It is considered to be the last defence for the 1.2740 April”.

In addition, Strategists G.Berry and G.Yu at UBS remain bearish on the pair, adding, “Yesterday’s sharp sell-off brings focus back on support at 1.2797. A break below this would expose 1.2746 ahead of the important 1.2662. Resistance is at 1.3020”.

Commodities Brief – Precious metals edging higher after yesterdays shakeup, crude moves towards 92.82 support

Gold prices were in for quite an afternoon yesterday, with the Bernanke testimony creating waves in commodity markets. While the yellow metal breached the 1400 level – albeit temporarily – the price eventually eased back lower, paring all of its gains by sessions end. Thursday, gold prices dipped towards the initial support at 1360.00, however ultimately failed to break it to rebound again, completing a double bottom over the hourly time interval. The next upside target lies at the 1400.00 resistance/barrier, on a break above 1400.00, a movement seems plausible towards the 1445.00 handle. In these moments, the price of gold is trading at USD $1390.78 per oz.
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Spanish borrowing costs rise again at debt auction

The Spanish Treasury held a debt auction today during which it sold a total of 4.077 billion euro worth of 3- and 5- and 13-year bonds and payed higher interest rates than those seen at the previous auction.
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