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Forex Flash: CBR leaves rates unchanged and dismiss rate cut speculation – TD Securities

FXstreet.com (Barcelona) - TD Securities analysts saw the Board of Governors of the Central Bank of Russia leaving all three key rates unchanged as unanimously expected (refinancing rate at 8.25%, overnight deposit rate at 4.50% and overnight repo rate at 5.50%). The neutral tone of the statement compensates concerns on rising inflation with the observation that the economy continues to decelerate. “But most importantly, “the Bank of Russia judges that the current level of money market interest rates is appropriate,” dismissing the residual speculation that the CBR is up for an imminent rate cut, in line with the government’s call for looser rates”, wrote analyst Tim Davis, expecting unchanged rates at least until the newly appointed CNR Chairman Nabiullina takes office at the end of Ignatiev’s mandate in June. “At that point, expectations for rate cuts could start building up again”, he added.

US: Reuters/Michigan Cons. Sent. Index fell to 71.8 in March

The US consumer sentiment, gauged by the Reuters/Michigan Consumer Sentiment Index, dropped to 71.8 for the month of March, markedly lower than forecasts at 78.0 and February’s 77.6...
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Commodities Brief – Silver cannot breach 29.00 level, USDIX poised for weekly drop as precious metals pare losses

Spot gold prices found themselves in recovery mode Friday as US inflationary measures yielded results that were in line with consensus expectations. Given that the figures fell within an acceptable range, as dictated by the Fed, it appeared as though no further action would be taken, as this is simply a natural byproduct of the monetary easing measures. The yellow metal moved up to the 1597 mark on the data release in the US, however the 1600 resistance/barrier proved too much to summit today. During American trading today, the price of gold has settled at USD $1594.36 per oz.– having received another boost from a waning USD index, which found itself in the midst of its first weekly decline in over six weeks.
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