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By: Daniel Gant
March 27th 2014 10:30am GMT, London UK

After declining yesterday, the EUR/USD is ranging this morning in anticipation of US data coming out later today. At 12:30 GMT, there will be a speech by FOMC member Pianalto, along with US GDP and Initial Jobless claims data. Though recent US data has generally been good, this does not mean that the information coming out later will follow suit. However, in the long term, the dollar is under upward pressure from the recent Fed tapering decision and interest rate change projections. Furthermore, the EUR/USD has been at a relative high for a while, so long term downward retracements are possible.

The USD/JPY fell at the end of yesterday after Obama’s speech criticizing the Russian annexation of the Crimean peninsula. Traders became worried that the conflict would escalate, so the yen gained as many look for a safe haven asset. Earlier this morning, the pair has retraced a lot of these losses. At the moment, the pair is moving down again, though there may be some ranging later until the data from America come out this afternoon. Also note that we have the Household Spending and National Core CPI data coming out for Japan at 23:30 GMT. This is closely followed by the Tokyo CPI and Retail Sales data at 23:50 GMT.

Gold dropped again yesterday due to better than expected Durable goods orders. The precious metal has been under significant downward pressure since the Federal Reserve’s decision to continue tapering. Surprisingly, potential escalation in the Crimea did nothing to increase Gold’s value, as traders are more optimistic about the prospects of the US economy in both the short and long term. Right now, it seems that investors are waiting for the price to break the 1300 support level before any further movement happens.

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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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