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Forex: EUR/JPY up and looking to 122.00

While the Japanese Yen moves relatively smoothly, ignoring BoJ Governor-nominee Kuroda's dovish speech, the Euro is prancing around and forcing the EUR/JPY to first drop to 121.27 low before jumping towards the 122.00 mark.

On the economic calendar were "not as bad as expected" news from Spain as the country has added 59.4K new unemployed in February. However, the number is smaller than the 77.5K expected and less than half of the January figure. EMU Sentix Investor Confidence and PPI are due to be released at 09:30 GMT and 10:00 GMT.

"The immediate risk appears to be for extension of the consolidation phase", wrote UBS analyst Gareth Berry, pointing to resistance at 124.28 ahead of 127.92, while support is at 120.36 ahead of 118.73.

Forex: NZD/USD testing the 0.8200 level

Monday morning has been a one-way street for the NZD/USD, as the pair has shown little signs of life, bottoming out below the 0.8200 barrier and initial support (0.8193 session low). However the pair has recovered in recent moments as support initiated, though is testing this level, entrenched in negative territory during European trading in these moments.
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Commodities Brief – Precious metals search for direction, WTI crude faces headwinds and struggles to hold 90.00

Gold prices seem to have found a level of price stability, despite the passage of the fabled sequester in the United States. Asian buying has helped buoy prices Monday, as the yellow metal is operating in positive territory, looking to recover last week’s losses. Technically speaking, gold has fallen below its 50-and 200-day SMA, however its 20-day SMA is capping any potential upside for now and acting as temporary resistance. The price of gold is expected to fluctuate this week as reverberations surrounding US demand could fail to provide stability in the near-term. In these moments gold is trading at USD $1574.91 per oz.
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