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Forex Flash: 10-year US treasuries preach patience for entry levels – Goldman Sachs

FXstreet.com (Barcelona) - With regards to 10-year US treasuries, “We recommend a flat duration posturing here – daily momentum studies and positioning (the market appears a lot less short after last week) lead us to expect a re-test of supports (former support levels like 1.83% in 10-years) in the coming week or two: be patient for a back-up to better entry levels.” Recommends the RBS Research Team.

Treasuries are getting a lift as new fears about Europe resurface. Cyprus' bailout is now up to €23bn from €17bn (gold reserves raided), there's press talk of a second bailout for Portugal and new funds needed for Italy and ESM talks on bank recapitalizations have hit a stalemate as northern states want to limit aid. Our overnight Treasury flows were quiet in Asia but we saw better buying once Europe opened. Total Treasury market inter-dealer overnight volume was 119% of the 10-day average.

Forex: GBP/USD consolidates above 1.5340

Even though the dollar weakened at the beginning of the NY session, weighed by disappointing US consumer confidence reading, the pound failed to stage a sustained recovery.
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Gold falls below $1500.00 support

The price of gold has seemingly collapsed Friday, falling below the key 1500 support that was fortifying any prolonged plunge during its most recent bearish plights. Indeed, gold tumbled to the lowest price since the end of 2011 on signs that investors are favoring the dollar and equities as the global economy recovers. At the time of writing, the yellow metal is trading at USD $1504.80, as heavy support lies at the 1500 level.
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