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Forex Flash: Euro may extend recovery toward $1.3350 - BBH

FXstreet.com (Barcelona) - This week's risk events, including euro area PMIs, the US employment data and the ECB and FOMC meetings, "will help strengthen or crystallize price action in the EUR/USD, says Marc Chandler, Head of Currency Strategy at BBH.

As things stand though, Marc's view near-term is for a stronger euro: "Technically, we think the euro has put in the first leg of the correction of its nearly 10-cent sell off from early February though early April. The first leg up stalled near $1.32, just shy of the 50% retrac objective ($1.3230). We suspect there will be another leg up that can extend the recovery toward $1.3350."

Japan Nomura/ JMMA Manufacturing Purchasing Manager Index rises to 51.1 in Apr from 50.4

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Commodities Brief: Oil closes sharply higher as “risk on” assets find steady buyers

The “risk on” theme across global markets continues to benefit oil prices which closed up 1.83% to finish at 94.42. Oil prices are now 10% above the previous lows made at 85.90 back on April 18th. Precious metals also managed finish higher, with gold closing up 0.60% at 1475, while silver added 2.28% to finish at 24.57. On a final note, US Equities continue to add to recent gains, with the S&P 500 closing up 11 points at 1593.60.
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