BOJ Sees Some Signs Of Economic Pickup

<p>BOJ Sees Some Signs Of Economic Pickup. The Bank Of Japan slightly upgraded its assessment of the domestic economy for the second straight month, saying […]</p>

BOJ Sees Some Signs Of Economic Pickup. The Bank Of Japan slightly upgraded its assessment of the domestic economy for the second straight month, saying improving conditions are being led by an upswing in public investment on the of post-quake reconstruction.
EUR/USD
Range: 1.3067 – 1.3115
Support: 1.3065
Resistance: 1.3120

Euro-dollar closed in NY at 1.3082 after correcting back from a late recovery high of 1.3100. The rate eased back to 1.3066 in early Asian trading, as it was influenced by Aussie sales as that market targeted stops below 1.0250. Recovery in this latter pair allowed euro-dollar to move higher, with early momentum boosted, which took euro-dollar up to 1.3084 before Japanese trust fund demand for euro-yen provided the added upside momentum to take rate on to 1.3194. Offers placed toward 1.3100 remain in place with stronger offers reported in place from above 1.3120. Bids seen from 1.3065, strengthening toward 1.3050 with stops noted on a break of 1.3045.

GBP/USD
Range: 1.5853 – 1.5908
Support: 1.5860
Resistance: 1.5930

Cable closed in NY at 1.5865 after the rate had recovered off a late NY session low of 1.5818. The rate eased into Asian trade, marking lows at 1.5852 before picking up fresh demand, the rate edging to an overnight high of 1.5880. Moves were generally dictated by euro-dollar moves as euro-sterling was contained within a tight 0.8242-0.8247 range. Cable retains a firm tone into early Europe. Offers seen in place between 1.5880-1.5885, a break to open a move on toward 1.5900-1.5905 ahead of 1.5930-1.5935. Support seen from 1.5860 and extending down to 1.5850, a break here to open a deeper move toward 1.5825-1.5820 ahead of stronger interest placed between 1.5810-1.5800. Euro-sterling offers remain at 0.8275-0.8280, bids 0.8235-0.8230.
Gold
Range: 1,653.83 – 1,660.01
Support: 1,632.00
Resistance: 1,663.10

Gold is holding steady in the mid 1650′s in Asia as a renewed surge in safe-haven appetite hauled the metal off lows yesterday of 1,632 to 1,663.10 in late NY trading. Gold fell sharply with other related commodities and was dragged down by plummeting crude prices, but later broke free from those ties as bargain hunting, short covering and fresh safe-haven attraction surfaced and equities attempted a weak recovery. The metal has drifted off slightly from the NY close of 1,659.90 to lows of 1,653.60 but has since recovered to trade around 1,656.30. As for today’s trading, initial resistance is seen up at yesterday’s 1,663.10 high with a break there leading up to 1,677.70-1681.15. Support comes in at 1,632 and 1,620.35.

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