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Date Posted: 01:52:45 03/27/12 Tue
Author: Charisse Bartoli
Subject: Spanish fears weigh on markets

This morning, financial markets are softer as concerns linger over Spain's finances. Despite talk of a beefed up firewall for distressed countries, little has changed on the ground and perhaps more importantly, the increase to the fire wall is yet to be put into action.

The commodity currencies are the biggest movers so far today, in the face of moderate selling pressure. The AUD/USD, AUD/JPY and NZD/USD are down between 0.25% and 0.3%. The AUS/USD in particular is facing a stern test of its falling channel.


Gold is also on the back foot after having one if its best days in recent months yesterday.

The main announcements this morning are UK CBI realised sales at 11.00 followed by US CB consumer confidence at 15.00. The latest S&P Case-Schiller US house price index is released at 14.00.

The AUD/JPY is sagging this morning after rallying strongly yesterday. Of all the pairs, the AUD/JPY has the firmest history of trend following after a strong up or down day. Today's pullback could be a good opportunity to capitalise on any continued move higher.

A good way to play this on BetOnMarkets.com is a HIGHER trade predicting that the AUD/JPY closes above 87.50 in 1 days time. Purchase this trade now: http://goo.gl/xDtpO

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