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Forex: EUR/USD fall from 1.3094 high reaches 1.3050

FXstreet.com (Barcelona) - The EUR/USD extended its gains to its weekly highs and printed a new one at 1.3094 ahead of the US pre-market, failing to reach the 1.3000 psychological level. From there, profit taking ahead of the NY opening pulled the pair to 1.3050.

US initial jobless claims eased from 355K to 339K in the week ending at April 19, below the 351K consensus. Continuing claims also pleased investors with a drop from 3.093M to 3.000M, instead of coming in a 3.060M.

German Chancellor Merkel wants that bank shareholders can also suffer losses in the future and said the government rejects common European deposit insurance, for now. Also, she said that higher interest rates would be better for Germany. Finland grand committee head said the Euro would survive in case Cyprus leaves and rejects euro-area fiscal transfers. IMF’s Lipton and PIMCO’s Amey suggested more ECB easing.

“The EUR/USD currency pair is still being corrected towards the previous descending wave; it has already reached the level of 1.3060”, wrote Roboforex.com analyst Igor Sayadov. “We think, today the price may form another descending structure to reach the level of 1.2940 or even lower, 1.2880. Later, in our opinion, the pair may start forming a new ascending wave towards the target at 1.3200”, he added.

Commodities Brief – Precious metals surge, crude makes failed break at 92.00

The yellow metal has rallied substantially higher Thursday, surging past the 1445 upside mark en route to a daily maximum of 1455 at the onset of US trading. Following the release of upbeat US jobs data however, the price of gold has eased slightly back to USD $1452.43 per oz. in these moments.
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Forex Flash: USD/CAD risks slipping to upper 1.01 while capped at 1.0290 – TD Securities

TD Securities analysts say that the one constant seems to be the CAD under-performance, “with our currency at the bottom of the overnight performance league and gaining only marginally against the softer USD”. “This morning’s run of second-tier data from the US might not do that much to boost interest in our session so more range trading might be on the cards for the markets in the near-term. Commodity prices continue to stabilize and recover from the recent softness but it is the tone of the US equity market that is once again providing the strongest “pull” for the CAD from a correlation point of view”, wrote analysts Shaun Osborne and Greg Moore, adding that the Loonie remains highly sensitive to the risk environment and “we remain somewhat concerned that the recent positive run in risk assets is susceptible to a (seasonal) reversal”. The USD/CAD constant failure at 1.0290 robs some short-term momentum and risks slipping back to the upper 1.01 area on a drop below 1.0230/35”. “We still rather look for limited downside and support in the low 1.02 area top hold for now (40-day MA at 1.0219)”, they concluded.
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