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Flash: Japanese Production activity supported by weak yen export recovery - Nomura

FXstreet.com (Barcelona) - Nomura economists note that Japanese Production activity has been supported by the weak yen led export recovery

They feel that while the manufacturing PMI continued to improve in May, the decline in the new orders index also suggests that the momentum of domestic production activity may slow. However, they write, “We think underlying recovery in production activity is likely to continue, bearing in mind support for exports from the yen's rapid depreciation and the emerging benefits from public works spending as part of economic stimulus measures.”

EUR/CHF below 1.2400 again

The pair has extended its bearish form in the head and shoulders pattern on the daily charts and is re-testing the months low well below the neck line at 1.2390, through 1.2400 psychological lvl after the release of the CPI for the EZ.
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Commodities Brief – Precious metals shed recent gains, gold holds above 1400 barrier

Gold extended its rally towards the first upside target at 1420.00-resistance level, which effectively capped a prolonged rally for now. A clear break above 1420.00 however, will confirm further upside towards the full upside target at around 1445.00 area. Overall, settling back above 1400.00 favors further upside over the short-term. At the time of writing, the yellow metal has settled at USD $1411.00 per oz. during European trading.
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