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By: Daniel Gant
January 16th 2014 1:27pm GMT, London UK

The EUR/USD pair dropped on the level where was traded before the disappointing Friday’s Non-farm payroll data and rebounded on the 1.3580 level. The pair was mainly driven by stronger U.S. Dollar which benefited from stronger U.S. Stock data and awaited the Beige book report. The report as we expected pointed on positive outlook so the Fed might continue its tapering on next Fed meeting. The pair corrected its significant decrease and returned back to 1.3620 area.
Prediction of CPI is usually correct and doesn’t surprise the market so we shouldn’t expect higher volatility. the U.S. Core CPI might surprise as last time when it came out 0.2% instead of 0.1%. At 3.00PM (GMT) we should watch the U.S. Philadelphia Manufacturing Index and at 4.10PM (GMT) we should pay attention to Ben Bernanke’s speech.

Yesterday the GBP/USD pair fell more than 100 pips slightly before the American session started. The drop was caused by huge selling of British pound probably before Mark Carney’s (Governor of BoE) testimony. The pair settled between 1.6340 and 1.6380 where has been ranging since that. Today there are no important data coming out from U.K. market so we should pay attention Bernanke’s speech at 4.10PM (GMT).

The USD/JPY pair has continued its upper trend and broke its resistance at 104.50. The pair touched the 104.90 level during the Asian session but slightly reversed back. The bullish sentiment might continue as the U.S. outlook pointing on economic recovery. Yen did not strengthened despite strong Core Machinery Orders which just underlining the bullish mood.

The price of Gold slightly increased after two day decline when the price fell from $1,255 an ounce to $1,234 an ounce. The bearish mood started first as the U.S. stock picked up and then continued as on Wednesday the International Monetary Fund member Christine Lagarde predicted higher global growth but warned about the risk connected with deflation. The price might drop again if the U.S. Core CPI data comes above expectation and supports another Fed tapering. Last month Fed decided to scale back the quantitative easing program from $85 billion/month by $10 billion/month and after this decision the price of Gold fell to $1,187 an ounce. Most of the analysts agree that Fed will continue its tapering in the same pace.

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Daniel Gant
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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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