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Commodities Brief – Silver makes upside attempt at 29.00, precious metals eye central banks and US data

Gold prices have rallied Tuesday after a forgettable string of sessions that left the yellow metal incurring losses or trading sideways. However, with the advent of several central banking decisions, suddenly gold is back in play, as investors welcome it back as a bulwark against potential monetary policy decisions and ultimately inflation. Having jumped to the 1583 region (session highs) during overnight trading, the price of gold has now eased slightly back towards USD $1579.60 per oz. in these moments. Ultimately, investors will be mindful of the impending payrolls data in the United States towards the end of the week, which should provide an accurate snapshot of the US economy in the wake of checkered data last week.

Silver makes attempt at 29.00
The white metal has shown some signs of life Tuesday, as Asian trading yielded a jump towards the 29.00 level for the first time in a couple weeks. However, the spot price ultimately failed to break higher and has since pulled back slightly in recent moments to USD $28.90 per oz. With the ECB, BOE, and BOJ on deck by weeks end, certainly silver has the potential for movement as investors look to position themselves.

Crude held above 90.00 on China
WTI Crude oil has edged higher Tuesday, despite initial concerns that a plunge below the 90.00 level yesterday seemed likely. However, prices have stabilized, buffered by Chinese growth, though unfortunately the compound situation of European and US economic woes have weighed on crude prices, specifically in the realm of demand in 2013. In these moments, the price of crude has settled at USD $90.66/bbl as of European trading.

Forex: EUR/JPY boosted by better than expected Services PMI

Pressured throughout the Asian session, the EUR/JPY revived a little after going as low as 121.14 as investors priced in expectations ahead of Markit Services PMI data in the Eurozone. The cross didn't even fully retrace losses, staying below 121.60. However, better than expected data in France in Germany is boosting sentiment.
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Forex: USD/CHF falls to 0.9395/97

The USD/CHF has fallen in recent moments as market participants digest the steady tranche of economic data emanating out of Europe Tuesday, Earlier the pair broke below the 0.9400 level and is presently testing this region, incurring a loss of -0.14% during European trading.
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