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Forex: EUR/USD calm at 1.2850/70 after disappointing US data

FXstreet.com (Barcelona) - The publication of overall disappointing data at 14:00 GMT didn’t trigger any decisive move in the FX market yet. The EUR/USD has been mostly trading sideways, between 1.2850 and 1.2870.

US consumer confidence fell from 68.0 (revised from 69.6) to 59.7 in March (consensus of 68.0), while New Home Sales dropped from 0.431M (revised from 0.437M) to 0.411M (consensus of 0.422M). Richmond Fed manufacturing was also a disappointment, at 3 (from 6, consensus of 8).

Earlier, US Durable Goods Orders rose 5.7% in February, beating consensus of 3.8%. January data was revised higher from -4.9% to -3.8%. Excluding transportation, durable goods orders dropped -0.5%, disappointing expectations of +0.5%, but saw its January print being revised higher from 2.3% to 2.9%. The ex-transportation print at -0.5% was the first negative one in five months.

“Yesterday's sell-off bottomed at 1.2830 and current rebound should be considered corrective, preceding next slide towards 1.2700 zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial minor resistance at 1.2890, followed by the key area at 1.2950.

Commodities Brief – Gold loses grip on 1600 support, crude oil holds above 95.00

Gold has fallen for a third straight session, this time falling below the key 1600 barrier/support Tuesday during American trading. With the dust settling in Cyprus and the banking quagmire there slowly resolving, the yellow metal managed to trade lower in recent moments, despite the release of downtrodden US economic data (Consumer Confidence in March 59.7 vs. 68.0 expected). At the time of writing, gold prices have settled at USD $1597.01 per oz. A close above 1600 would lend a degree of confidence to gold bears, though at this rate the metal is still slated to notch a monthly gain in March, which when viewed with previously monthly performances, has to be seen as a minor positive.
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