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OctaFX.Com - Canadian Dollar Surges as Hawkish BoC Raises Rate Hike Expectations Although the key rate was kept on hold at 1.00 percent, an increasingly hawkish Bank of Canada has sent the Canadian Dollar surging early in the North American trading session. The shift in rhetoric has boosted rate hike expectations, improving the yield outlook for the world’s tenth largest economy. The Bank of Canada left key interest rate on hold at 1.00 percent for the thirteenth consecutive meeting today, but the real story lies within the central bank’s statement accompanying the release. The BoC said that higher rates “may become appropriate” in the future as actual economic growth and price pressures have exceeded economists’ forecasts. Governor Mark Carney said that “In light of the reduced slack in the economy and firmer underlying inflation, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate.” Governor Carney went on to say that “The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments.” Market participants have taken this as a sign that the BoC will move to raise rates in the coming months, with the Credit Suisse Overnight Index Swaps now showing that 18.0-basis points are being priced in over the next 12-months (from 0.9-bps ahead of the meeting). USDCAD 1-min Chart: April 17, 2012 Charts Created using Marketscope – Prepared by Christopher Vecchio On the more hawkish than expected tone, as market participants have started to price in higher rates in the future, the Canadian Dollar has soared across the board, but most notably against the Euro and the Japanese Yen. The EURCAD has dropped over 95-pips on the rate decision (UPDATE: as of 14:28 GMT, the EURCAD was down over 110-pips post-rate decision). Similarly, the CADJPY jumped over 65-pips (UPDATE: as of 14:28 GMT, the CADJPY was up over 75-pips post-rate decision). The USDCAD also traded lower, falling over 60-pips immediately (UPDATE: as of 14:28 GMT, the USDCAD was down over 70-pips post-rate decision). Apr 17, 2012 14:28 OctaFX.Com News Updates

OctaFX.Com -Spanish bill sale, German ZEW support euro LONDON (Reuters) - The euro rose against the dollar on Tuesday after Spanish bill sales went through smoothly and a survey showed a rise in German analyst and investor sentiment, easing some of the market's concerns over euro zone debt. However, analysts said Spain's precarious fiscal position would remain a worry and the most important test would come with an auction of Spanish 10-year debt on Thursday, which could put the euro back under pressure. Spanish 10-year government bond yields dipped below 6 percent after jumping on Monday on fears its deficit and weak economy may force it to seek international help. Analysts said these concerns would limit the euro's gains with most investors still bearish about the common currency. "We shouldn't read too much into the Spanish bill auction or into the ZEW data - the German Ifo survey (on Friday) and Spanish 10-year auction will be more important," said Gavin Friend, currency strategist at nabCapital. "The target for the euro is $1.32/$1.3225 but I don't see it much above there." He said the euro would face further tests with the G20 and IMF meeting at the end of this week and the first round of the French presidential election on April 22. The euro was last flat on the day at $1.3135, having earlier surpassed Monday's high to hit $1.3173, with traders saying stop-loss buy orders were triggered on the breaks above $1.3150-60. They said a U.S. bank and Swiss investors had bought euros. More gains would see it target the 55-day moving average at $1.3204, with the euro also supported by the German ZEW survey which showed analyst sentiment in Europe's largest economy rising unexpectedly in April to its highest level since June 2010. The common currency hit a low of $1.2995 on Monday before rebounding as investors who had earlier initiated bearish bets reversed those positions. Analysts said the bounce above $1.30 suggested that level was an important support that could be difficult to breach. Once below there, however, traders could focus on a move towards the January low of $1.2624. "I think we'll see a test of $1.30 within the next week," said Niels Christensen, currency strategist at Nordea in Copenhagen, adding concerns about Spain's elevated debt, shrinking economy and high unemployment would keep the euro weak. ANOTHER SPAIN TEST Investors were relieved as Spain sold 3.2 billion euros of 12 and 18-month bills, although at much higher yields compared with a month ago. Thursday will see a far bigger test when Spain sells 10-year and two-year bonds. Compounding Spain's fiscal woes, its banks borrowed a record 316.3 billion euros from the European Central Bank in March, almost double February's total, as they remained all but excluded from wholesale credit markets. The euro was up 0.3 percent at 106.0 yen, recovering from a trough of 104.63 yen on Monday, a level not seen since mid-February. The euro and other riskier currencies could be helped further if U.S. housing data and industrial output for March, due at 8:30 a.m. EDT (1230 GMT) and 1315 GMT come in on the stronger side of expectations. The dollar rose 0.3 percent against the safe-haven yen to 80.64 yen, above a seven-week low of 80.29 hit on Monday. The higher-yielding Australian dollar edged up 0.2 percent at $1.0370 as stock markets recovered. It cut earlier losses after Reserve Bank of Australia policy meeting minutes showed it would consider cutting interest rates in May if data confirmed a benign inflation outlook. Apr 17, 2012 10:52 OctaFX.Com News Updates

OctaFX.Com - Canadian Dollar Soars on Hawkish BoC Comments Currencies and equities are trading slightly higher this morning thanks to better than expected economic data from Europe and a relatively healthy Spanish bond auction. The EUR/USD is taking its cue from Spanish bond yields and the steep decline back below 6 percent encouraged investors to dip their toes back into euros. For the time being the 1.30 level continues to hold in the EUR/USD and even though we believe this level will be taken out eventually, a further rise in Spanish bond yields would be needed for that to happen. Mixed U.S. housing market numbers failed to have a lasting impact on the dollar. Housing starts fell for the second month in a row by 5.8 percent. This was the steepest slide in nearly a year and drove starts to a 5 month low. Building permits on the other hand continued to rise by 4.5 percent. Unlike starts, permits have gradually increased for the past 3 months and are now at its highest level since September 2008. The discrepancy between starts and permits is good news because it represents a tremendous amount of backlog and once the recovery gains momentum, housing starts will rise quickly because permits have already been attained by builders. Meanwhile up North, the Bank of Canada is gearing up for a rate hike. According to the BoC, "removing stimulus may become appropriate." Unlike other parts of the world crippled by high debt levels and slowing growth, Canada has benefitted significantly from the improvement in the U.S. economy and the rise in oil prices. Business and consumer confidence in Canada improved to the point where the BoC felt comfortable enough to raise its 2012 growth forecast to 2.4 from 2 percent and its 2013 forecast from 2.4 to 2.8 percent. Most of Canadian growth is expected to come from domestic demand. Last month, Canada experienced its strongest pace of job growth since 2008 and this improvement in the labor market will translate into stronger consumption. In terms of external factors, the BoC is looking at it from a glass half full point of view - they expect Europe to rise from recession in the second half of the year and they view the U.S. economy has slightly stronger. If not for Europe's troubles, the BoC would have probably raised interest rates today. However don't interpret the BoC comments to mean that a rapid series of consecutive rate hikes will follow. The central bank will raise interest rates gradually to avoid over tightening in what can still be characterized as uncertain global economic conditions. The hawkish comments from the Bank of Canada drove USD/CAD to 0.99 and it should only be a matter of time before USD/CAD slips to a fresh 7 month low. Apr 17, 2012 09:10 OctaFX.Com News Updates

Eurozone March inflation revised up to 2.7 percent Eurozone inflation in March revised up to 2.7 percent; increase was unexpected BRUSSELS (AP) -- Inflation in the 17 countries that use the euro was higher than predicted in March, largely because of higher energy and transport costs, official figures showed Tuesday. Eurostat, the EU's statistics office, said eurozone consumer prices in the year to March rose by 2.7 percent, up from the initial prediction of 2.6 percent. March's rate was the same as the previous month's and indicates that price pressures remain despite mounting fears that the eurozone as a whole will fall back into recession. The surprise increase in inflation has reined in expectations that the European Central Bank will cut interest rates again any time soon. The bank, which is tasked with keeping inflation just below 2 percent, last cut borrowing costs in December, taking its main rate down to the joint-record low of 1 percent. With oil prices remaining elevated, analysts said inflation could well remain above target for a while yet, even though Europe's dim growth prospects could weigh on consumer demand and wage increases. Gustavo Bagattini, European economist at RBC Capital Markets, said he expects inflation to start declining in the second quarter of the year but won't average anything below 2.5 percent. "This is consistent with our 2012 average forecast of 2.4 percent, which is in line with the ECB's forecast, meaning that the governing council will continue to have to accept a higher rate of inflation temporarily," Bagattini said. The euro pushed ahead after the figures from $1.3145 to a day's high of $1.3173. Apr 17, 2012 09:06 OctaFX.Com News Updates

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OctaFX.Com - Gold eases below $1,670/oz as dollar recovers LONDON (Reuters) - Gold prices slipped below $1,670 an ounce on Friday, pausing in their biggest one-week rally since late February as the dollar firmed against key currencies, with the euro falling out of favor due to worries over Spain's financial health. Nominally higher risk assets, like stocks and commodities, also came under pressure after Chinese growth data released overnight failed to meet expectations. Spot gold was down 0.4 percent at $1,668.66 an ounce at 1453 GMT, while U.S. gold futures for June delivery fell $10.20 an ounce to $1,670.40. The metal is still on track to rise 2.4 percent this week after a soft U.S. jobs report last Friday stoked expectations for new quantitative easing measures. Ultra-loose U.S. monetary policy was a key driver of record gold prices last year. However, a rebound in the dollar on Friday took the wind out of the precious metal's sails. "Especially in the United States, the investment climate is very neutral towards gold at this stage. People really need to see a policy catalyst before they come back aggressively," Standard Bank analyst Walter de Wet said. "On the physical side, from the end of this month there is really no seasonal demand coming until August," he added. "It is going to be difficult to break much higher if we don't have this physical buying supporting any investment demand coming through for the next two or three months." The dollar was up 0.4 percent against the euro as Spanish bond yields rose on data showing the country's banks were relying heavily on ECB lending, and after Chinese growth data disappointed traders. (FRX/) The single currency hit a session low after a report showed U.S. consumer sentiment slipped in early April. A report released on Friday showed China's economy grew at its weakest pace in nearly three years in the first quarter, with annual rate of expansion easing to 8.1 percent from 8.9 percent in the previous three months. European shares were on track for a fourth straight week of losses as renewed concerns about the rising cost of borrowing in some highly indebted euro zone countries dampening sentiment, while safe-haven German bund futures rose. (.EU) (GVD/EUR) Gold is expected to remain closely tied to the dollar on Friday. A stronger dollar tends to weigh on gold, as it makes dollar-priced commodities more expensive for other currency holders, and curbs the metal's appeal as an alternative asset. STRUGGLE FOR MOMENTUM Gold is on track to rise nearly 7 percent this year but has struggled to gain momentum after a strong showing in January as expectations for a further round on monetary easing fluctuate. A Reuters poll released Friday showed analysts are turning more cautious towards gold, with heady forecasts of $2,000 an ounce receding fast as the economy stabilizes. (PREC/POLL) While the precious metal remains on course to rally through this year and into 2013, just one analyst of 33 polled expected it to average more than $2,000 an ounce this year, against five analyst of 45 in a similar poll in January. "The last six months has seen an increase in correlation between gold and other risk assets," Schroders Private Banking head of asset allocation Robert Farago said on Friday. "While this is not readily explainable and therefore may be somewhat coincidental, it does reduce the metal's attraction as a portfolio diversifier." "I am not convinced that a deflationary environment will prove favorable in the short term," he added. "This would produce a liquidity squeeze and gold may well prove a source of funds since almost all investors are sitting on profits." Physical buying in Asia's bullion market slowed to a trickle on Friday, as higher prices pushed traders to the sidelines, but a gold-buying festival in India in late April is likely to help bring in some demand from the world's top consumer of the metal. Silver was down 0.9 percent at $32.02 an ounce, spot platinum was down 0.5 percent at $1,590.75 an ounce and spot palladium was down 0.2 percent at $647.75 an ounce. CME Group, the biggest operator of U.S. futures exchanges, said it will cut margins for COMEX silver futures for the second time since February in an attempt to boost liquidity after a narrow price range tempered trading interest. Apr 13, 2012 15:19 OctaFX.Com News Updates

OctaFX.Com - Gold eases below $1,670/oz as dollar recovers LONDON (Reuters) - Gold prices slipped below $1,670 an ounce on Friday, pausing in their biggest one-week rally since late February as the dollar firmed against key currencies, with the euro falling out of favor due to worries over Spain's financial health. Nominally higher risk assets, like stocks and commodities, also came under pressure after Chinese growth data released overnight failed to meet expectations. Spot gold was down 0.4 percent at $1,668.66 an ounce at 1453 GMT, while U.S. gold futures for June delivery fell $10.20 an ounce to $1,670.40. The metal is still on track to rise 2.4 percent this week after a soft U.S. jobs report last Friday stoked expectations for new quantitative easing measures. Ultra-loose U.S. monetary policy was a key driver of record gold prices last year. However, a rebound in the dollar on Friday took the wind out of the precious metal's sails. "Especially in the United States, the investment climate is very neutral towards gold at this stage. People really need to see a policy catalyst before they come back aggressively," Standard Bank analyst Walter de Wet said. "On the physical side, from the end of this month there is really no seasonal demand coming until August," he added. "It is going to be difficult to break much higher if we don't have this physical buying supporting any investment demand coming through for the next two or three months." The dollar was up 0.4 percent against the euro as Spanish bond yields rose on data showing the country's banks were relying heavily on ECB lending, and after Chinese growth data disappointed traders. (FRX/) The single currency hit a session low after a report showed U.S. consumer sentiment slipped in early April. A report released on Friday showed China's economy grew at its weakest pace in nearly three years in the first quarter, with annual rate of expansion easing to 8.1 percent from 8.9 percent in the previous three months. European shares were on track for a fourth straight week of losses as renewed concerns about the rising cost of borrowing in some highly indebted euro zone countries dampening sentiment, while safe-haven German bund futures rose. (.EU) (GVD/EUR) Gold is expected to remain closely tied to the dollar on Friday. A stronger dollar tends to weigh on gold, as it makes dollar-priced commodities more expensive for other currency holders, and curbs the metal's appeal as an alternative asset. STRUGGLE FOR MOMENTUM Gold is on track to rise nearly 7 percent this year but has struggled to gain momentum after a strong showing in January as expectations for a further round on monetary easing fluctuate. A Reuters poll released Friday showed analysts are turning more cautious towards gold, with heady forecasts of $2,000 an ounce receding fast as the economy stabilizes. (PREC/POLL) While the precious metal remains on course to rally through this year and into 2013, just one analyst of 33 polled expected it to average more than $2,000 an ounce this year, against five analyst of 45 in a similar poll in January. "The last six months has seen an increase in correlation between gold and other risk assets," Schroders Private Banking head of asset allocation Robert Farago said on Friday. "While this is not readily explainable and therefore may be somewhat coincidental, it does reduce the metal's attraction as a portfolio diversifier." "I am not convinced that a deflationary environment will prove favorable in the short term," he added. "This would produce a liquidity squeeze and gold may well prove a source of funds since almost all investors are sitting on profits." Physical buying in Asia's bullion market slowed to a trickle on Friday, as higher prices pushed traders to the sidelines, but a gold-buying festival in India in late April is likely to help bring in some demand from the world's top consumer of the metal. Silver was down 0.9 percent at $32.02 an ounce, spot platinum was down 0.5 percent at $1,590.75 an ounce and spot palladium was down 0.2 percent at $647.75 an ounce. CME Group, the biggest operator of U.S. futures exchanges, said it will cut margins for COMEX silver futures for the second time since February in an attempt to boost liquidity after a narrow price range tempered trading interest. Apr 13, 2012 15:19 OctaFX.Com News Updates

OctaFx - Euro down as Spain yields, China GDP worry NEW YORK (Reuters) - Higher Spanish borrowing costs dragged the euro down on Friday, pulling the single currency to a second straight weekly loss against the dollar and the yen as the European debt crisis and slower-than-expected Chinese growth worried investors. News that Spain's banks are virtually locked out of credit markets and relied heavily on cheap loans from the European Central Bank in March spooked investors, who then drove the cost of credit default swaps on Spanish debt to a record high. The Spanish debt concerns stoked worries from earlier in the session, when data showed China's economy grew less than expected in the first quarter. "The euro zone situation is slowly flaring up again, and that can have some people second-guessing how many euros they want to hold," said Sean Incremona, an economist at 4cast Ltd in New York. "In the bigger picture, price action this week has been pretty inconsequential," he added. "We're pretty close to where it left off last week after the payroll action," when U.S. jobs data disappointed and the dollar sold off on views the U.S. Federal Reserve could ease policy further. The single currency has been mostly range bound in recent weeks as investors look for a reason for large moves. The euro fell 0.8 percent to $1.3080 on Friday, eroding what had previously been a slight advance for the week versus the dollar. The single currency was more recently off 0.16 percent against the greenback for the week. Against the yen the euro was off 0.67 percent at 105.90 yen, for a fall of 0.815 percent this week. The dollar's gains were broad-based, with the greenback rising 0.91 percent against the traditional safe-haven Swiss franc to 0.9192 francs. Against the yen, the dollar was up 0.09 percent at 80.95 yen. "We are seeing the traditional reaction in that stocks are selling off, core bond markets are rallying, the dollar is rallying and commodities are getting hit," said George Davis, chief technical analyst at RBC Capital Markets in Toronto. Investors could stay more pessimistic over the next few weeks, he said. Uncertainty about the euro, however, has fallen as reflected in the options market, with three-month risk reversals in the euro/dollar still biased for euro puts, trading at -2.075 vols on Thursday, but improving from -3.5 vols in mid-February. AUSSIE PRESSURED The Australian dollar, which reacts strongly to Chinese data because Australia's commodity-driver economy relies heavily on Chinese demand, fell to as low as US$1.0352. The Aussie had gained 1.2 percent on Thursday on a surprisingly strong local jobs report and solid bank lending data from China. "We view yesterday's strong Australian employment and Chinese loan data as more important than the overnight Chinese Q1 GDP release and hence see the overnight sell-off in AUD as providing good levels to go long," Nomura analyst Geoff Kendrick said in a note. Apr 13, 2012 12:50 OctaFX.Com News Updates

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OctaFX.Com - EUR/USD Unmoved Following Positive Euro Industrial Production Data THE TAKEAWAY: Eurozone industrial production rises 0.5% during February, beats analysts’ expectations -> Weak production in Germany outweighed by 13% increase in the Netherlands -> EUR/USD stays at the same level following the report Eurozone industrial production rose by 0.5% for the month of February, led by France and the Netherlands. The actual production beat average estimates of a 0.2% decline. However, the numbers were 1.8% lower than February of the previous year, as expected by analysts. The numbers can be seen as a sign of economic stabilization for the Eurozone; and a drop in industrial production in Germany and Spain was offset by improved production in France and the Netherlands. The weak German numbers that were released last week were not fully represented in today’s numbers as the slump in construction output was not included in the Eurozone survey. EUR/USD did not react strongly to the better than expected data. The pair rose and fell following the release, but later settled back down to initial levels. Apr 12, 2012 15:50 OctaFX.Com News Updates

OctaFX.Com - Euro, shares nervous ahead of Italian debt sale LONDON (Reuters) - The euro dipped against the dollar and European shares inched higher on Thursday as nervousness grew ahead of an Italian debt sale that will gauge whether concerns over Spain are spreading to other debt-laden euro zone nations. Data on industrial production across the euro area, which is likely to show it contracted by 0.3 percent in February, could also reignite fears that weak growth at a time of government austerity measures is undermining efforts to repair the region's finances. Ahead of the Italian auction the euro fell to a low of $1.3102 before recovering to be steady at $1.1315, below a one-week high of $1.3158 struck on Wednesday, and within the $1.3030-$1.3165 range trodden in the past week. "Should the Italian auction disappoint, we could see the euro reverse some of its gains," said Ankita Dudani, G-10 currency strategist at RBS Global Banking, who expects the bond sale to go through without much of a hitch. Yields on 10-year Italian bonds were down 3.5 basis points to 5.506 percent in early trading, narrowing the spread over the less risky equivalent German bonds to 381 basis points and indicating fixed income investors are less worried about buying the debt. Spanish 10-year bond yields were 2.7 basis points lower at 5.85 percent, with traders saying a disappointing Italian auction may be just the push needed for the yields to go back to around the 6 percent seen at the start of the week. The turmoil in Spain's bond market that pushed the yields up has calmed down substantially following comments on Wednesday from European Central Bank executive board member Benoit Coeure, who hinted that the central bank might be willing to buy the debt from the market. German Bund futures were slightly higher at 139.89, with 10-year cash yields steady at a near-record low 1.69 percent. Italy's borrowing costs are expected to rise by about a full percentage point from a month ago at its 5 billion euro auction of new three-year bonds later, after the rate it pays for one-year money more than doubled at an auction on Wednesday. STOCKS RECOVERY EXTENDS European equity markets were slightly higher ahead of the Italian bond auction, adding to the previous session's tentative recovery following a week-long slide. The FTSEurofirst 300 index (.FTEU3) of top European shares rose was up 1.83 points, or 0.2 percent, at 1,035.63. The Euro STOXX 50 (.STOXX50E) index of Europe's blue chip companies gained 0.2 percent to 2,389.45, having suffered a 4.5 percent decline over the last five days that all but eradicated the year-to-date gains. Globally, the MSCI world equity index (.MIWD00000PUS) was up 0.2 percent 322.85 after a good start to the U.S. corporate reporting season lifted Wall Street stocks and a strong Australian employment report encouraged the rebound in Asia. The U.S. dollar was slightly softer against a basket of currencies (.DXY) following comments by the No. 2 official at the U.S. central bank, Janet Yellen, who said on Wednesday the Federal Reserve's ultra-easy monetary policy was appropriate, given high unemployment and the headwinds facing the economy. Oil markets were all mostly steady, despite oil sheen spotted near Royal Dutch Shell (RDSa.L) platforms in the central Gulf of Mexico overnight. Brent crude was up 31 cents at $120.49 a barrel after touching a low of $119.93 in early trade. U.S. oil was up 37 cents at $103.07, adding to $1.68 a barrel gains made on Wednesday. Apr 12, 2012 08:55 OctaFX.Com News Updates

OctaFX.Com - Euro Weakens as ECB Monthly Report Warns of Inflation Risk The ECB’s monthly statement released today largely echoed ECB Chief Draghi’s remarks from April 4th. The central bank mentioned economic recovery but warned of inflation… THE TAKEAWAY: ECB monthly report sends mixed messages -> Inflation risks seen, but central expects inflation to align itself to forecasts -> Euro drops ahead of release but stabilizes as markets digest The moderate economic recovery seen recently is subject to downside risks as inflation threatens to devalue the Euro, the European Central Bank’s monthly report for April said today. The statements were in line with ECB chief Draghi’s policy speech earlier in the month. The Euro sank ahead of the ECB’s release but stabilized later on as markets digested the mixed messages. The ECB’s Governing Council said it plans to keep interest rates unchanged, and mentioned that it expects price developments to remain stable. The report mentioned a “moderate recovery” seen in the beginning of 2012, but warned that inflationary risks remain a factor in price action. Inflation fears have returned to the fore in Germany as property prices rise and monetary policy remains too loose. However, the ECB also said it has the tools to combat inflation in the short and long term. The report pointed out that CPI is expected to stay above 2% this year but in the medium-term will slow to the ECB’s price stability target. Apr 12, 2012 08:26 OctaFX.Com News Updates

OctaFX.Com - Gold pauses after rally, focus on euro zone LONDON (Reuters) - Gold steadied on Wednesday, after rising for four days straight, as the intensifying euro zone debt crisis threatened to undermine the euro and offset any potential safe-haven demand for the metal. The euro rose on Wednesday but has come under pressure in the past week as the debt crisis has reignited. The focus is now on Spain, where the head of the central bank said on Tuesday commercial banks would need more capital if the economy continues to deteriorate. Benchmark 10-year Spanish yields touched 6 percent for the first time since early December on Wednesday, having risen by more than two-thirds of a percentage point in the past week alone, while peripheral banking stocks have been pummeled. Spot gold was last down 0.1 percent on the day at $1,659.00 an ounce by 1:25 p.m. EDT (1525 GMT), while U.S. June futures were down 0.1 percent at $1,659.90 an ounce. Gold in euros was last down 0.5 percent at 1,261.72 euros an ounce, having touched two-week highs the previous day above 1,271.00 euros. "The broader macro environment still remains positive. In the near term, the floor will be set by a combination of how strong investment demand is and how responsive the physical market is" Suki Cooper, an analyst at Barclays Capital, said. Investment in gold has cooled somewhat. Speculators have cut their ownership of U.S. gold futures by more than a quarter since late February, although holdings of the metal in exchange-traded funds remain near record highs above 70 million ounces. "Gold has found more support recently, but it doesn't have all of the catalysts in place to be driven substantially higher yet," Cooper said. EURO TIES STRENGTHEN The correlation between gold and the euro/dollar exchange rate strengthened on Wednesday to reach its most positive since early January, above 65 percent. That means the gold price is more likely to move in tandem with the single European currency than it was just six weeks ago. "We think gold will be in a range of $1,600 to around $1,690 or $1,700, which is a fairly wide range. But I think it will be difficult for gold to break out of that range," Standard Bank analyst Walter de Wet said. "What we are seeing is growing interest to buy in the physical market below $1,630. Should we drop below $1,600, the demand will be pretty strong," he said. Metals consultancy GFMS, a unit of Thomson Reuters, said in its annual outlook for the gold market that a record high price above $2,000 an ounce next year could mark the peak of the precious metal's bull run of more than decade as monetary policy in major economies starts to tighten. Gold prices for now are likely to drive above $2,000 as concerns over the euro zone debt crisis persist and the idea of more U.S. monetary easing gains support, GFMS Chairman Philip Klapwijk told Reuters. In Europe, Italian one-year borrowing costs rose for the first time since November at a sale of short-dated paper on Wednesday, reflecting fresh doubts in the market about the more indebted euro zone nations and nerves ahead of a larger three-year sale on Thursday. On the demand side, Hong Kong's gold exports to China rose 20 percent in February on the month as appetite for the precious metal remains strong in China, which is expected to overtake India as the world's top gold consumer this year. Some suspected the number could include purchases from the public sector, as the market was largely quiet during a post-Lunar New Year holiday slump in February. "On the public level, China's central bank will continue to accumulate gold, which is easier than liberalizing their capital account and currency," said Jeremy Friesen, a commodity strategist at Societe Generale, adding that building gold reserves would help China's push to turn the renminbi into a global currency. Accommodative monetary policy will remain an incentive for private investors to buy into gold, he added. Silver fell 0.3 percent to $31.69 an ounce, pushing the number of ounces of the metal needed to buy one ounce of gold up to 52.5 from 50 just one week ago, reflecting gold's relative outperformance. Platinum and palladium eased, with platinum down 0.4 percent at $1,585.74 an ounce and palladium off 0.5 percent at $633.22 an ounce. Data earlier in the day that showed car sales in China had cooled in March following sharp gains in February weighed on palladium. Palladium is used mainly in catalytic converters in engines of vehicles powered by gasoline. China is now the world's largest car market and is chiefly gasoline-driven. Apr 11, 2012 12:06 OctaFX.Com News Updates

OctaFX.Com -Dollar extends gains vs. yen, hits session high NEW YORK (Reuters) - The dollar extended gains against the yen on Wednesday, bouncing from a six-week low hit earlier in the global session. The dollar hit a high of 81.09 yen and last traded at 81.06, up 0.5 percent on the day, according to Reuters data. In the overnight session the dollar dropped to 80.57, its lowest since February 29. Apr 11, 2012 06:29 OctaFX.Com News Updates

OctaFx - EUR/USD Classical Technical Report 04.11 EUR/USD: The latest round of setbacks have stalled ahead of some key multi-week support by 1.3000 and from here, we still can not rule out risks for a shorter-term bounce back towards the 1.3200-1.3300 area, before considering bearish resumption. Ultimately, any rallies towards 1.3300 should be very well capped, while a break and close back under 1.3000, would accelerate declines. Apr 11, 2012 06:12 OctaFX.Com News Updates

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OctaFX.Com - Dollar falls after US jobs report Dollar falls against euro, pound, yen after US jobs report NEW YORK (AP) -- The dollar fell against most major currencies in light trading Friday following a weak U.S. jobs report. The Labor Department said the U.S. economy added 120,000 jobs in March, down from more than 200,000 in each of the previous three months. Economists expected 210,000 jobs to be added last month. The unemployment rate fell to 8.2 percent, the lowest since January 2009, but that was mainly due to more people giving up on finding work. The euro was trading at $1.3095 late Friday $1.3060 late Thursday. Currency trading is light because many traders are off for Good Friday. The U.S. stock market is closed and U.S. government bond trading closed at noon Eastern. In other trading, the British pound rose to $1.5885 from $1.5828. The dollar fell to 81.59 Japanese yen from 82.36 yen and to 0.9172 Swiss franc from 0.9201 Swiss franc. The dollar rose to 99.71 Canadian cent from 99.38 Canadian cents. Apr 06, 2012 16:46 OctaFX.Com News Updates

OctaFX.Com -Japanese Yen Surges against U.S. Dollar Following Dismal Jobs Report Over the past few weeks, concerns arose over a potentially disappointing March jobs report for the U.S. economy in light of warm weather and impending seasonal adjustments. Those concerns were vindicated on Friday, reigniting a plummet in yields supporting the U.S. Dollar. European Session Summary Data was sparse in the overnight alongside quiet trading conditions, as most major European equity markets were closed on Friday due to a religious holiday over the weekend. U.S. equity markets were closed as well for the holiday, but one of the most important releases for the U.S. economy was released regardless; and the nonfarm payrolls report for March sparked immense volatility. The U.S. economy added 120K jobs in March, exactly half of the revised February figure at 240K. Similarly, the unemployment rate dropped to 8.2 percent from 8.2 percent in March. Many economists and policymakers have been discussing the potential claw back in this month’s jobs report considering that the winter months were unseasonably warm across much of the United States. Why does weather affect NFPs? Warmer conditions are conducive to work outside, in particular construction projects, and work in that sector has surged in recent months. Where does this leave the U.S. economy? The Federal Reserve’s minutes from their March 13 policy meeting indicated that officials are leaning away from another round of easing due to the progress the U.S. economy has made. In the intermeeting period, Federal Reserve Chairman Ben Bernanke noted that more stimulus could be warranted should the labor market continue to struggle. On the other hand, New York Fed President William Dudley has stated that a moderation in jobs growth is to be expected, given the favorable weather conditions the past few months. Is there scope for more easing now? It depends. On one hand, officials are concerned with the lack of progress made by the labor market and are willing to extend efforts to foster growth. On the other, it’s clear that a pullback in jobs growth was anticipated, so it might mean that Fed officials hold their ground. With numerous policymakers due to speak next week, most notably Chairman Bernanke on two separate occasions, speculation on the third installment of quantitative easing will increase once again. Overall, the Japanese Yen was the best performing major currency, gaining 0.99 percent against the U.S. Dollar. The Euro and the commodity currencies were hit the hardest by the jobs report, with the Canadian Dollar leading losses, depreciating by 0.28 percent. But for the Yen, however, all of the other majors were trading within 1/3 of a percent against the U.S. Dollar. Apr 06, 2012 13:45 OctaFX.Com News Updates

OctaFX.Com -Dollar drops as payrolls data keep Fed action alive NEW YORK (Reuters) - The U.S. dollar dropped broadly on Friday in thin holiday trade after disappointing U.S. jobs market data kept the prospect of more Federal Reserve monetary policy support alive. The dollar fell against the euro for the first time in five days after data showed U.S. payrolls rose far less than expected in March. The report offset sentiment earlier in the week that followed the release of Fed minutes from its last policy meeting that had market participants downplaying expectations of adding more monetary stimulus. "Clearly a disappointing (payrolls) number. Across the board it's kind of an underwhelming number," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. The euro hit a high of $1.3112 after the report, rebounding from a three week low of $1.3033 reached n Thursday. It last traded at $1.3094, up 0.2 percent. The dollar fell as low as 81.29 and last traded at 81.56, down 0.9 percent on the day, according to Reuters data. "At the very least it will keep the door open to additional policy easing more so than before the number was released. In that respect it's definitely a negative for the dollar," Esiner said. "The extent of dollar losses is going to depend on how the market views this number, as an outlier or maybe evidence that the jobs growth is stalling." Apr 06, 2012 06:33 OctaFX.Com News Updates

OctaFX.Com -Euro dips, bonds rise on euro zone worries NEW YORK (Reuters) - The euro hit a three-week low against the dollar and bonds edged higher on Thursday as Spain's debt burden fueled worries about further problems for euro zone economies and curtailed investors' appetite for riskier assets. Global stocks dipped, while energy and gold prices climbed. A poor Spanish bond auction on Wednesday added to worries that the impact of the European Central Bank's one trillion euro injection of cheap three-year funds into the banking system may be coming to an abrupt halt. Spanish 10-year government bond yields rose as high as 5.86 percent on Thursday, dragging Italian rates in their wake as investors fled to the relative safety of German and U.S. debt. The moves follow two days of losses in stocks and other markets following the release Tuesday of minutes from the last Federal Reserve meeting, which suggested the Fed was less keen to launch further economic stimulus. "The whole European situation seems to be reheating ... and there is more safe-haven type buying," said Sean Murphy, a Treasuries trader at Societe Generale in New York. The worries added a safety bid for bonds, with the benchmark 10-year U.S. Treasury note up 13/32, with the yield at 2.1752 percent. Against the dollar, the euro was down 0.7 percent at$1.3052, having hit a three-week low of $1.3038. It also hit its lowest in four weeks against the yen at 106.86 yen before recovering slightly to trade at 107.23 yen, down 1 percent. Spain's cost of borrowing on markets over 10 years jumped 30 basis points on Wednesday after borrowing costs rose at its bond auction. The yield premium over German benchmarks is now 411 basis points, its highest since late November before the ECB flooded the market with three-year funds. STOCKS DIP, COMMODITIES GAIN The MSCI world equity index (.MIWD00000PUS) was last down 0.2 percent, while U.S. stocks were also slightly lower. Traders cautioned that some of the moves may be exaggerated by thin trading ahead of an extended Easter weekend, and while global stock markets lost more than 1 percent of their value on Wednesday, they remain up almost 10 percent this year. The Dow Jones industrial average (DJI:^DJI - News) was down 45.75 points, or 0.35 percent, at 13,029.00. The Standard & Poor's 500 Index (MXP:^GSPC - News) was down 3.54 points, or 0.25 percent, at 1,395.42. The Nasdaq Composite Index (NAS:^COMP) was up 6.84 points, or 0.22 percent, at 3,074.93. For U.S. stocks, offsetting some concern about the euro zone was data showing the number of Americans lining up for new jobless benefits fell to the lowest in nearly four years last week. Analysts said the claims data and a report on private-sector jobs earlier this week may bode well for the U.S. government's widely watched monthly employment report, which is due Friday. The U.S. outlook was in sharp contrast with Europe where separate reports showed German industrial output fell more than expected in February and British factory output suffered its biggest monthly fall in almost a year Spain's IBEX 35 index (MCE:^IBEX - News) touched a 7-month low as concerns mounted about Spain's ability to meet its budget targets, while Europe's FTSEurofirst 300 index (.FTEU3) ended up 0.1 percent. Banking stocks, many of which have large exposure to the region's lower-rated sovereign debt, edged lower. UniCredit (CRDI.MI) and Commerzbank (CBKG.DE), which both have exposure to euro zone peripheral debt, were also hard hit, down 3.1 percent and 1.9 percent respectively. Bucking the softer global trend, non-banking financial sector firms led Chinese shares to their biggest single-day gain since early February, after Premier Wen Jiabao said the monopoly formed by the country's big banks needed to be broken to get money flowing to cash-starved companies. GOLD, ENERGY CLIMB Spot gold was up 0.6 percent at $1,628.34 an ounce. Weaker prices tempted some buyers but gains were capped by a stronger dollar and fading hopes of a fresh round of U.S. stimulus. Market watchers said some hedge funds might have reduced gold holdings due to stronger U.S. economic data and easing of fears about European debt. "A lot of the gold trade by hedge funds was specifically tied to a new round of Fed stimulus," said Jeffrey Sica, chief investment officer of SICA Wealth Management with more than $1 billion in assets. In the other market, U.S. crude was up $1.62 at $103.09 per barrel, while Brent crude was up $1.13 at $123.47. Apr 05, 2012 15:53 OctaFX.Com News Updates