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Forex Flash: Commodity Currencies are mixed ahead - UBS

FXstreet.com (Barcelona) - UBS Strategists Gareth Berry and Geoffrey Yu have taken a technical look at today Commodity pairs and are mixed in outlook ahead.

Starting with AUD/USD, they are bearish and note that with trending indicators bearish, resistance at 1.0359 should hold any upside. They see that support is at 1.0263 ahead of 1.0221 and only a closing break above 1.0359 would suggest a more prolonged recovery to 1.0444. Moving to USD/CAD, they are neutral, commenting that the pair is held by the strong support area at 1.0084/71. They write, “A break here would be a bearish development. Resistance is at 1.0175 ahead of 1.0214.”

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Emmanuel Ng of OCBC Bank notes that much will rest on the ECB this week with regards to EUR/USD, although the consequences of any potential rate cut is not expected to be one dimensional.
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EMU: Annual inflation down to 1.2% in April

On an annual basis Eurozone CPI rose 1.2% in April, down from 1.7% registered the previous month, according to data released today by Eurostat. Market consensus pointed to 1.6% growth. This is the lowest result since February 2010, when CPI stood at 0.9%.
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