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Date Posted: 00:57:41 07/10/12 Tue
Author: Charisse Bartoli
Subject: Euro hope slips back

The recent euro summit induced confidence is slowly being eroded as financial markets take another step back this morning. The Spanish bailout is front and centre again as officials come to work on the small print. The yen pairs are the biggest movers, with the USD/JPY down 0.19%.

The main risk on barometer pair, the AUD/JPY is off by 0.44%, with the NZD/USD down by 0.31% and the AUD/ USD down by 0.24%.

Elsewhere, the European dollar pairs are showing less movement with the GBP/USD down by 0.12%.

We have Italian industrial production at 09.00. UK manufacturing, trade balance and industrial production figures follow at 09.30. We get the latest UK NIESR GDP estimate at 15.00. The European ECOFIN meeting runs all day in the background.

With the 'Risk on/ risk off' barometer switching back to the negative, there could be some room for follow on selling for the AUD/JPY. A good way to play this might be a LOWER trade on BetOnMarkets.com predicting that the AUD/JPY closes below 80.75 in 1 days time could return 110% if successful.

Get this trade now, go to: http://goo.gl/x9nBS

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