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Forex Flash: AUDJPY should be at the heart of volatility near term - Saxo Bank

FXstreet.com (Barcelona) - After a sell-off towards 99.00 on Monday, the AUD/JPY snapped prices back up to now be flirting with the 102.00 round number. According to John J Hardy, Head of FX Strategy at Saxo Bankand, "Abe and Kuroda have so convinced the market to sell the JPY that puts are only slightly more expensive than calls (historically rare)."

John adds: "It may be time to take a contrarian stab and see if the kind of volatility that hit gold could also spread to risk and other markets as large macro players may be forced to revisit some of their apparently complacent assumptions. AUDJPY should be at the heart of any market volatility in the coming weeks. Note how far away the 200-day MA remains for perspective."

Forex: GBP/AUD facing key level Fibo retrace below 1.4850

GBP/AUD is last at 1.4797, off recent session highs at 1.4819, same highs of those at late NY session. The cross is still below Monday's weekly highs at 1.4854, fresh 1-month highs, printed on the back of Aussie weakness, coupled with some Pound strength, as Aussie is along with Kiwi, the 2 weakest currencies among majors for last 2 trading days, while Pound is in the mid wagon of the pack. The cross is up +1.31% for the week so far.
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Commodities Brief: Gold due for short term bounce before next leg down?

The gold market experienced another roller-coast of day, trading as low as 1321 during the Asia session and as high as 1404 during New York trade before closing up 1.03% at 1369.40. The action in recent days has led many analysts to question whether the long term bull trend of gold has been damaged, or if this just a much needed correction before another leg higher begins.
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