Forex: EUR/USD in session lows, around 1.3060/70

FXstreet.com (Barcelona) - Increasing risk aversion coupled with some profit taking are dragging the cross to fresh intraday lows in the boundaries of 1.3060 on Friday, after consumer prices in Germany, France and Italy during March came in softer than the previous print overall.

EMU’s Industrial Production is due next, with consensus expecting the sector to increase its negative trend and contract 2.5% on a yearly basis.

At the moment, the pair is losing 0.22% en 1.3070 and a breach of 1.3044 (low Apr.11) would expose 1.3006 (low Apr.9) and finally 1.2980 (MA10d).
On the upside, resistance levels line up at 1.3138 (high Apr.11) ahead of 1.3140 (MA55d) and then 1.3150 (MA100d).

Apr 12, 2013

Commodities Brief – Precious metals tumble ahead of ECOFIN, crude testing 93.00 level

Gold prices fell Friday, ahead of the ECOFIN meeting in Europe, capping an ugly week for precious metals. Indeed, on the back end yesterday’s session that included profit taking and equity highs (S&P), the yellow metal has been unable to gain any momentum today. Having retested the broken support of 1567, prices are now edging lower during European trading as this level has morphed into resistance. Ultimately, a movement above 1570 would allay many bearish concerns, however at this juncture this has not proven to be the case. At the time of writing, gold is trading at USD $1557.57 per oz.

Forex: USD/JPY recovers the mark of 99.35/37

The USD/JPY has stabilized and bounced off a session low of 99.21 Friday, successfully avoiding a plunge lower. In these moments the cross has recovered the mark of 99.35/37, though is still trading negatively at -0.33% below its opening.