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Session Recap: Gold plummets; USD keeps bid

FXstreet.com (Barcelona) - Another slow session in Asia-Pacific dominated by a broad USD bid on FED Evans hawkish comments on bonds purchasing program to slow the pace by late 2013, when he is considered a “dove”, what caused some USD push higher across the board included against the Yen, making USD/JPY pair print fresh daily highs at 93.69 by early Tokyo trade.

Along with the USD move higher across the board came the continued selling off from precious metals, Gold hitting fresh 3-week lows around $1562 in the spot market, while Silver barely held above the $27 handle, fresh 7-month lows. Local share markets traded mixed but mostly to the downside with Kospi, Hang-Seng, and Australian ASX in the red, while Nikkei up +1.7%, and Shanghai slightly in the positive.

Australia trade balance showed lowest deficit in last 6 months, coming out much better than expected at only -178M vs -1000M, and also China non-manufacturing PMI showed strong result at 55.6, higher from previous 54.5. Now all eyes point for key tomorrow's BoJ meeting, when markets expect Kuroda to double bond buying program, Bloomberg reported. Cable continued to be the weakest currency among majors by far.

Main headlines in the Assian session:

Forex: EUR/USD unable to trade above 1.2880; focus on ECB

Commodities Brief: Silver prints fresh 7-month low

Ahead of the BOJ announcement due tomorrow – a preview

Forex Flash: RBA rate call in May next potential date to cut – Nomura

AUD/USD: Plenty of stops above 1.0510

Forex: GBP/NZD hits fresh 20-year lows sub-1.8000

Forex: NZD/USD - 0.8405/15 demand holds but limited bounces

Forex: USD/JPY heading for retest of 93.50/55, Nikkei up 1.5%

Australian trade deficit falls to just -AUD178 million

Forex: AUD/USD higher above 1.0460 on Aus trade balance

EUR/USD: Heavy bids reported 1.2760/70
China Non-manufacturing PMI up to 55.6 in Mar from 54.5

Forex: GBP/USD breaks into 2-week low; no significant demand until 1.4950/1.50

Fed’s Evans: Confident economy will grow, not stall in 2013

Forex: EUR/USD struggling around 1.2800 on a broad USD bid

Sata: Kuroda to attend lower house confirmation hearing on April 5

Forex Flash: UK 1Q GDP to rise +0.1% - RBS

AUD/USD: Option strikes at 1.0450 are dictating the play

EUR/USD gets ADP & ISM as starter; ECB and NFP await

Forex: EUR/USD gets ADP & ISM as starter; ECB and NFP await

The Euro, was again victim of negative headlines out of Europe, with four main themes at the fore. Firstly, the resignation from Cyprus finance minister, which adds to the continuous political deadlock in Italy, a country without the ability to properly implement any significant economic reform until a new government is formed. Then we also had PMI figures in both Spain and France indicating further contraction, and lastly, EU jobless rate remains depressed at 12%.
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