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Date Posted: 03:56:36 03/20/12 Tue
Author: Charisse Bartoli
Subject: Aussie leads commodity reversal

Commodities and commodity currencies are on the back foot this morning with the Australian dollar singled out for punishment. The AUD/USD is down 0.63%, with the AUD/JPY off by 0.50%. The NZD/USD is not far behind, dropping 0.51% so far this morning. The movements so far seem to be down to a lack of good news, than a lack of any particularly bad news.

Gold is also struggling with the general commodity slump this morning as the precious metal drops 0.55%. Other trading movements to note is the relative strength of the euro, with the EUR/ GBP up 0.09% this morning.

The main economic items of note today start with UK inflation figures at 09.30. CPI is expected to drop to 3.4% and RPI to 2.4%. These increases would be the smallest since early 2010. UK CBI Industrial Order Expectations follow at 11.00. At 12.30 we have US building permits and housing starts.Treasuring secretary Geithner is due to speak at 14.00 with Fed chairman Bernanke speaking at 16.45.

The AUD/JPY has been on a great run of late, but the pullbacks continue to be shallow aside from the early March reversal. A move higher from here would be the path of least resistance, but there any down moves, if they come could be significant.

A good way to play this on BetOnMarkets.com might be an IN/ OUT trade predicing that the AUD/JPY will close outside of either 88.25 or 87.00.

Get the trade right here: http://goo.gl/zLJWd

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