Spanish and French bond auctions are due today and will give a gauge of confidence in the market

<p>Spanish and French bond auctions are due today and will give a gauge of confidence in the market. Data-wise, EMU current account and US CPI […]</p>

Spanish and French bond auctions are due today and will give a gauge of confidence in the market. Data-wise, EMU current account and US CPI figures will keep investors focused.

 
GBP/USD

Range: 5416-1.5445 Support: 1.5420Resistance: 1.5455
Cable closed in New York at 1.5438, off its extended recovery high of 1.5444. The rate traded the early part of Asia between 1.5423-1.5438 as it consolidated Wednesday’s move, extending to 1.5446 into the Asian afternoon before easing back again ahead of the European open to hold between 1.5423-1.5433. Euro-sterling was contained by 0.8328-0.8338 in Asia. Cable has taken higher on the coat tails of euro-dollar’s risk driven rally, with hope alive that a deal on Greek debt can be agreed by Friday. Cable offers seen in place between 1.5445-1.5455, main interest noted at 1.5450, with talk of stops mixed in above. A break of 1.5460 is expected to open a move on toward stronger interest placed into 1.5490-1.5500. Support remains at 1.5425-1.5420 ahead of 1.5400.

 
EUR/USD
Range: 1.2842-1.2878Support: 1.2840Resistance: 1.2900
Euro-dollar closed in New York at 1.2864, having extended Wednesday’s recovery rally through European highs of 1.2847 to 1.28655 during the afternoon session as talks swirled that a Greek deal could be in place by Friday. Risk appetite remained in place into early Asian trade, allowing the rate to push above the New York high and on to 1.2880. The rate reversed off highs as short term specs were left disappointed following the failure to trip stops above this level, with the corrective pullback given added weight by the release of weaker than expected New Zealand CPI data, followed by weak Australian jobs numbers, which took it to lows of 1.2842. Risk remains in favour, turning attention towards the 1.2880 level and stops placed above. Comments on Greek debt talks remain key. Offers seen to 1.2900 and support at 1.2840.

 

USD/JPY
Range:1,656.30-1,666.29 Support: 1,642.00Resistance: 1,678.25
Gold prices made modest gains on Wednesday as the metal tracked a return of risk appetite on hopes of a solution to the Greek debt deal and talks of additional support from the IMF. The metal continues to hold above the 200-moving average around 1,640.80, and a weakening US dollar index along with heightened physical demand out of Asia is helping to add some underpinning to prices. Gold opened yesterday at 1,652.30, slipping in Asia to 1,643.90 before rallying in Europe to 1,659.50. New York then sold the metal back down to 1,642.70 before a solid rally took the price back to 1,662.50. Asian markets last night have built on the bounce to 1,666.50 before easing back to 1,665. Support today is seen at 1,642 and 1,631.50, with resistance up at 1,678.25 and 1,700.

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