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EUR/USD forecast: EMU’s CPI on sight – Commerzbank and OCBC

FXStreet (Edinburgh) - EUR/USD is trading on a softer tone in the low-1.1200s on Wednesday, ahead of the key inflation figures in the euro area.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair “has eroded cloud support at 1.1260 but has yet to see any real follow through lower - nonetheless the near term risk remains on the downside for a re-visit of the current September lows at 1.1105/1.1088. Failure at 1.1088 would trigger a move to 2015 uptrend at 1.0960”.

Furthermore, FX Strategist at OCBC Bank Emmanuel Ng added “September EZ inflation numbers are on tap today with any underperformance expected to breed expectations of prolonged QE from the ECB. In the near term, EUR-USD may remain largely undecided with the 200-day MA (1.1179) still acting as a near term support while 1.1325 should cap pending further cues”.

USDJPY: Range bound within 119.30-121 band with slightly bearish bias- Goldman Sachs

Samuel Wong, Fixed Income Strategist at Goldman Sachs, expects that the USDJPY pair is likely to trade within the range of 119.30/121, with a slightly bearish bias in the short term.
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Gold moderately lower as European stock futures rally

Gold prices are trading moderately lower as the rally in the European stock futures reduced the demand for the safe haven assets.
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