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Commodities Brief – Precious metals pare gains at onset of US trading

Gold prices have waned at the start of American trading, leading to an overall paring of gains for the yellow metal from the 1614 level earlier today. In recent minutes, the dip has taken the price below the 20, 50, and 200-day SMA, also recording a daily low in the region of USD $1609.05 at the time of writing. With American markets poised to reopen after being on holiday yesterday, President Obama reportedly is pressuring Republicans to avoid a series of sweeping cuts that will trigger on March 1, merely nine days away.

Silver prices have suffered from the same fate recently, as advances in the 30.11 region (session highs) were ultimately sequestered and erased as the European session unfolded. At the time of writing, the price of the white metal has retreated towards session lows at USD $29.83, recording marginal losses of $-0.02.

Moving away from the precious metals, Crude Oil has seen a unique pricing movement Tuesday. Afternoon highs during European took the price of crude above the 96.00 level (96.14 session high) – albeit briefly – before falling back towards the 95.64 (afternoon low). Ultimately, crude prices have recovered slightly to trade presently at USD $95.77.

Forex Flash: AUD/NZD near 2010 lows – ANZ

According to FX Strategists David Croy and Andrew Salter at ANZ, “News today that China destroyed NZ milk cargoes, although not unexpected nor unprecedented, will provide a psychological base in AUD/NZD and coalesce with fundamental factors to see the cross higher in coming weeks.”
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Forex Flash: Seasonal risks suggest JPY strength over next months – TD Securities

Investors are reacting to signs of open disagreement between PM Abe and Finance Minister Aso over the way forward for monetary policy and even who the next BoJ governor will be, making the JPY the top performer of the G10 currencies. Also, according to South Korean officials, although Japan was not singled out at the weekend G20 meeting, Japan’s policies were not endorsed by the group and did prompt some controversy. 
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