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Date Posted: 01:21:28 03/28/12 Wed
Author: Charisse Bartoli
Subject: Yen in control after late evening slump

This morning markets are continuing the sell off that started late last night. The initial euphoria coming from Fed Chair Bernanke's comments that further easing might be needed, has given way to concern that the US economic recovery may be more fragile than first hoped. Traders are also re-assessing plans for a massive extension of the European firewall. Some argue that such a big firewall could send mixed signals. It may be reassuring, but it could also infer that the Eurozone's worst case scenario is bigger than previously thought. The latter thought is gathering traction on news that Spain has re-entered recession, further questioning the harsh austerity conditions being imposed there and in Greece.


The yen pairs are on the move, with the AUD/JPY dropping by 0.86%. The GBP/JPY is down 0.60% with the USD/JPY down 0.53%. The Aussie is certainly being singled out this morning, with the AUD/USD leading the dollar pair fallers, down 0.38%.  Gold is slipping slightly, down 0.22%.

Coming up today we have European M3 money Supply at 09.00. UK current account data follows at 09.30 with a significant drop to -8.5bn expected. Final GDP figures are also released at the same time. US core durable goods orders are released at 13.30 with an increased to 1.6% expected.

The Australian dollar has come under pressure in the last couple of days, with the AUD/USD failing to break through the upper part of the falling channel. The lower channel line could beckon, which creates an opportunity with a LOWER trade on BetOnMarkets.com

A LOWER trade predicting that the AUD/USD closes below 1.0320 in 3 days time could return 295% if successful. Get this trade now: http://goo.gl/2th7L

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