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Forex: USD/JPY falls after US durable goods orders

The dollar weakened further against the yen and slipped to fresh daily lows after data showed US durable goods orders dropped more than expected in January as defense spending fell the most in more than a decade and demand for aircraft plunged although outside those volatile categories, there was underlying strength in orders.

USD/JPY lost nearly 30 pips on the data and printed a fresh daily low of 91.33. At time of writing, the cross is trading around 91.40, recording a 0.6% loss on the day.

As for technical levels, next supports could be found at 91.33 (intraday low), 91.00 (psychological level) and 90.85 (Feb 25 low). On the upside, resistances are seen at 92.25 (intraday high), 92.80 (100-hour SMA) and 93.00 (psychological level).

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The inconclusive outcome of the Italian election is still in focus on Wednesday. The possibility that a coalition government will be formed boosted sentiment and the Italian debt auction held in the European morning went quite smoothly.
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Commodities Brief – Precious metals ease on US economic fortitude, gold falls below 1600 ahead of US GDP figures

Gold prices suffered a setback recently as upbeat estimates and figures out of the United States helped allay concerns of an impending economic slowdown. Despite Bernanke’s reiteration of monetary easing in the US, investors seem to take this as a signal that the stimulus program would heal and fortify the economy, which many had come to see as fragile. This has clearly been reflected in trading Thursday, as the yellow metal has not only surrendered its hold on the 1600 level, but fallen below its 20 and 50-day SMA, including its 200-day SMA which was acting as temporary support. At the time of writing, gold prices have recently fallen of session highs (1602.85) to trade at USD $1597.10 per oz., up a marginal +0.09%.
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