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By: Daniel Gant
April 7th 2014 17:15am GMT, London UK

The pairing has seemed to have climbed down from its recent highs to the detriment of the euro drifting to a monthly low against the dollar. At first glance European Central Bank President Mario Draghi showed a certain keenness in favor of quantitative easing which would provide incremental steps to up inflation in the euro bloc. In the aftermath of the Draghi’s dovish remarks on last Thursday the ECB President is finding it increasingly difficult to convince and persuade traders and investors that the ECB bank is ready and willing to do whatever it takes to prevent and avoid deflation in the euro bloc to spiral out of control. Last Friday data released in the U.S. showing fewer job were created in the month of March, however such slightly disappointing figures gave a tendency to incline that the Federal Reserve will remain on course in gradually reducing its asset purchase program. The financial event to look out for today is the FOMC Member Bullard Speaks at3.45pm GMT.

The pound fell down in favor of the dollar coming down to a weekly low mainly due to the fact that all surveys regarding PMI Manufacturing were disappointing and came out negative, nevertheless the U.K economy continues to shows overall signs of growth. Across the pond all eyes of traders and investors were on last Friday’s Non-Farm Payrolls which showed that fewer jobs were created in the month of March and ever so slightly falling short of market expectations. Now although the figures of the Non Farm Payrolls did not quite meet expectations there is a wide consensus that the Federal Reserve is highly likely to continue with its slow but sure step by step reduction of its quantitative easing program. The financial event is FOMC Member Bullard Speaks at 3.45pm GMT.

The pairing is sliding downwards to the detriment of the dollar more or less from the moment the figures for the Non-Farm Payrolls were released on Friday which showed somewhat less than expected figures in terms of the number of jobs that were created in the month of March. The Non-Farm Payrolls report gives a clear indication that the Federal Reserve will continue in its path to slowly reduce its quantitative easing program. Traders and investors remain very much in a cautious sentiment and are certainly in anticipation of the Bank of Japan’s policy meeting which will come to a conclusion tomorrow, which comes on the back of Japan’s sales tax increase.

The price of gold peaked up on Friday and went all the way to $1,307/ounce. The reason why the price added about $20/ounce was slightly lower Non-farm payrolls data than expected. If we take aside the expectation and just look on the data we see a big progress in the job market which seemed to struggle during the tough winter. With this outlook we see more likely that the price will return below the $1,300/ounce level soon. We should keep an eye on speech of FOMC member James Bullard who is considered to be slightly hawkish.

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Daniel Gant

Broker at GOptions
My strategies have been maintained and reworked for the last four years. Win loss accuracy and a stable method of volume production has insured my clients inside my personal portfolio success, not to mention the education, guides and management sessions that I teach daily.

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