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Date Posted: 04:12:24 03/14/12 Wed
Author: Charisse Bartoli
Subject: US dollar dominates early movement

This morning, the US dollar is dominating early trade flow with the NZD/USD the standout mover, down 0.55%. The yen is continuing to weaken with the USD/
JPY down another 0.37%. This is helping to push the GBP/JPY higher as the British pound shows relative strength compared to its peers. Analysts are expecting an improvement in the jobless claims numbers today. Gold is suffering as the US dollar dominates, with the precious metal down 0.33%.

This morning there's the UK claimant count change data due at 09.30 with a drop expected to 6.5K. The unemployment rate is expected to remain stable at 8.4%. At 10.00 we have European CPI and Industrial production. At 12.30 we have US current account data and import prices with US Fed chairman Bernanke speaking at 14.00.

Gold has been struggling since its recent peak in February, but there are signs that the recent bear run is becoming over stretched. Measuring the size of the stretch between the Parabolic SAR and the price, gold is now over sold by historical standards. The signal is much stronger if gold is also over stretched on the weekly chart which so far it is not, but it could mean that the balance of risk reward is becoming more balanced for an upside move.

A good way to play this on BetOnMarkets.com might be a HIGHER trade predicting that Gold closes higher than 1675 in 7 days time. This could return 120% if successful.

Get this trade on gold right here: http://goo.gl/Z70dY

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