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Session Recap: USD eases across the board, Yen retraces; RBA on hold

FXstreet.com (Barcelona) - Yen has retraced a big part of its initial gains since yesterday's lows, while USD has eased across the board making EUR/USD to print session highs above the 1.3080 mark, while AUD/USD above the 1.3075, GBP/USD above the 1.53, NZD/USD above the 0.8480, and USD/CAD below the 1.0220s.

Gold and Oil are both also bouncing from extreme oversold lectures, Oil off more than $1 from session lows around the $86 handle, while Gold is back above the $1350, $30 off recent fresh 2-year lows. Local share market have also recovered from session lows although still remain mostly in the red. US futures have also slightly bounced, but still down -1.89% for the week so far.

The RBA published today the minutes of its latest meeting, not adding much news to what they already have been saying as of late, repeating on low levels of inflation outlook leaving door open for further rate cuts if needed, while exchange rate is too high. Central Bank of Korea announced today that will add 19.3tln won in monetary stimulus, or about 1.5% of its GDP, according to Bloomberg, joining the easing bias across global central banks.

Main headlines in the Asian session:

Commodities Brief: Silver and Gold lead the way down as the liquidation continues

Forex: USD/JPY recovers from 96.00 break down

Aso: will tell G20 that Japan’s policies are aimed at ending deflation

Amari: Japan’s monetary policies are in line with international framework

New Zealand’s Prime Minister John Key Says NZ Will Keep Growing at 2%-3% Pace

Death toll in Boston marathon explosions now at 3

RBA reiterates scope to ease; further assessment needed

Forex: EUR/AUD rockets higher as China Data spurs Aussie weakness

RBA Assistant Governor Debelle Says A$ High Due in Part to Capital Inflows to Resources

(Bloomberg) China Aa3 Rating Affirmed by Moodys; Outlook Changed to Stable

Forex: EUR/USD holds above 1.3035

EUR/JPY up almost 250 pips from this morning’s lows

Forex: Kiwi retreats as macro risks weigh on sentiment

The NZD/USD finished the New York session 142 pips lower to close at 0.8421. The Kiwi appeared to lose its bid early in the Asia session, as China GDP missed expectations and started the initial selling in risk assets. It was a rough day across the board for commodity currencies, with both the Aussie and Loonie also trading sharply lower. As for upcoming economic data, market participants should be aware that NZD CPI will be released on April 16th at 22:45 GMT.
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What Inflation? Liquidation continues as global economic data disappoints

Many commodities traders are still in shock after the recent volatility in the metals sector over the last few sessions. Let’s put this in perspective, over the past two days gold has lost 13.33%, and silver is down 17.84%. Platinum, palladium, and copper have also been under serious pressure. The wide trading ranges and excessive volatility has futures exchanges getting involved to help reinforce confidence for investors.
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