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Forex: EUR/GBP rises after UK Halifax House Prices

The release of UK Halifax House Prices pulled the EUR/GBP to test the opening price of 0.8628, only to head higher again afterwards. The cross trades at 0.8638, as of writing.

UK house prices rose 0.5% (MoM) in February, more than the 0.2% expected, and the 3m/YoY data rose from 1.3% to 1.9%, beating the 1.7% consensus. BoE's Governor King will be speaking at 09:45 GMT.

“The bearish engulfing pattern and break of the uptrend suggests further weakness will be seen near term to 0.8566 then 0.8449/47 (50% retracement of the move seen this year and the 8th February low)”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 0.8715.

Commodities Brief – Precious metals edge lower off overnight highs, crude oil in focus after Chavez death

Gold prices have been trading in a firm consolidation overnight, as investors look ahead to a series of central Bank meetings from the BoC and ECB. In particular, Asian banks such as the Bank of Korea have been stocking up on the yellow metal, which also supported short-term sentiment. Having peaked earlier at 1578.95, gold has eased slightly back to the USD $1576.60 per oz. level in these moments, situated well below its 20 and 50-day SMA. Gold prices sit at the crossroads and a break below the 1570 support could initiate a further decline, while a movement above the 1585 resistance could open a path higher. Yesterday’s rally in gold prices proved to be watered down by a rally in stock prices, including the Dow Jones Index reaching an all time high with the S&P not far behind. Later today investors will eye several US indicators to gauge economic performance.
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Forex Flash: What lies ahead of EUR/USD? – Commerzbank and UBS

The euro remains trapped around the mid 1.3000s on Wednesday, extending the congestion pattern seen overnight and waiting for the Q4 EMU GDP figures due later...
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