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US markets grinding lower on Cyprus woes

FXstreet.com (Barcelona) - Markets in the US are trading on the back foot on Wednesday, as concerns over the political instability in Italy plus uncertainties surrounding Cyprus are weighting on investors’ sentiment. The greenback, measured by the US Dollar Index is consolidating weekly gains and trading in the upper end of the range around 83.40/45
DowJones is retreating 0.23%, followed by the S&P500, down 0.13%. The Nasdaq is posting meagre gains, 0.07%.

The fragile situation in Cyprus continues to drag European bourses to the negative ground, as expectation is building up ahead of tomorrow, when Cypriot banks will re-open to the public. The DAX was the worst performer, losing 1.15% and followed by the IBEX35, 1.13% and the CAC40, 0.99%.
The single currency dropped to fresh 2013 lows once again around 1.2750, although buying interest pushed the euro back to the current area of 1.2770/75

Commodities are inching higher with the WTI gaining 0.20% at $96.63 and the ounce troy of the precious metal up 0.62% at $1,607

Forex Flash: JPY short selling ahead of April 5 BoJ meeting – BNZ

A bout of JPY short covering ahead of the 5 April BoJ meeting has interrupted the JPY uptrend that has been in play since November last year. The JPY continues to be weighed down by expectations of ‘bold easing’ by the new look Bank of Japan. According to the BNZ Research Team, “We expect the staunch ambitions of the BoJ and Japanese government to achieve the new 2% inflation target will keep the JPY on a weakening trend this year. Still, the bulk of the move is behind us.”
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Forex: USD/JPY advances toward 94.50

The Dollar is currently trading higher against the Japanese Yen and after bouncing at 94.00, the pair has managed to recover ground and rise towards the 94.50 level. Currently the pair is trading at 94.45.
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