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Date Posted: 01:03:32 03/29/12 Thu
Author: Charisse Bartoli
Subject: Yen continues to lead as markets slip

This morning the so called 'Bernanke bounce' continues to unwind with the yen rallying for the second straight day. The USD/JPY is down 0.77%, with the AUD/JPY down 0.71%, fully reversing Wednesday's rally.

The euro on the other hand is showing signs of relative strength with the EUR/USD up 0.21%. The GBP/USD isn't far behind, up 0.19%.

Already this morning, the UK Nationwide House Price Index has come in below estimates at -1%.
At 08.55 we have German unemployment change with a drop on the previous month expected.
From 09.30 we have a slew of UK data points including BOE credit conditions survey and net lending to individuals. Today's main announcement is undoubtedly US unemployment claims at 13.30, with a slight rise to 351k expected. Final GDP figures are released at the same time.From 17.15 there are a number of US Federal reserve members scheduled to speak, including chairman Bernanke speaking at 17.45.

The NZD/USD has undergone a remarkable transformation since January, from a strong trend following pair to a choppy mean reverting currency pair. Through most of March, the NZD/USD has traded within a range between 0.8260 and 0.8080. A similar pattern occurred last month with the pair breaking out of its lower range after roughly 30 days. The value bet here could be on a breakout occurring in the next few days, especially if this afternoon's US unemployment claims produces some market moving deviations from consensus estimates.

A good way to play this on BetOnMarkets.com might be an IN/OUT trade predicting that the NZD/USD closes outside of 0.8050 or 0.8250 in 4 days time for a potential return of 203%.

Get this trade now: http://goo.gl/WpI7T

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