Currency Updates:
AUD/USD once again pushed back up after dropping below 0.90 from a slightly higher than expected unemployment number last Thursday. Bears who sold into the data would be looking for other opportunities to provide some protection against the market. Friday session was relatively stable however, today, we will expect inflation report in Australia which was the main focus from the last RBA statement.
Dollar continues to weaken due to poor data and weather condition. Generally, a weaker USD will lead to higher emerging currencies and AUD/USD.
A break of 0.9075/85 is needed for another rally.
Yen crosses extend further losses as USD/JPY breaking below initial support of 101.70. Next support at 101.30. GBP/USD broke intra day high of 1.6670 on Friday with a close of 1.6745. EUR/USD been trading on a range of 1.3680 – 1.3720.
Oil prices been boosting up due to icy weather condition in the U.S. and also ongoing concerns from supplies in Libya with a price of 100.30 USD per barrel. Other metal groups pushed higher as bulls held EUR/USD above 1.3700.
Gold rallied 18 bucks in one day and is holding above the 200 day moving average. Current short term resistance at 1330.
