xau update

buy gold @1065 stop loss 1060 target 1075/1085/1095

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EUR/GBP outlook

EUR/GBP outlook

• After failing at the 75.90 level, we appear to be heading back towards the lows at 74 pence.
  
  
• Only a move below 74 suggests a move towards 72.55, which had originally been the peaks seen in 2003.       

CMC markets GBP/USD outlook

CMC markets GBP/USD outlook

• We've so far managed to remain above $1.5200 and while we do so the risk of a short squeeze back to $1.5280 remains.
  
  
• We need to push back through the $1.5280 level to keep the prospect of a move towards the $1.5500 level.
  
  
• A move below 1.5200 could well see a retest of the $1.5000 lows last week.       

Oil back up, USD back down

Oil back up, USD back down

• Another day, another >5% swing in oil prices-this time higher overall. 
• That helped CAD and NOK, but no more so than most other majors, as the biggest theme in FX was broad USD weakness. 
• EUR managed to be the marginal top performer alongside DKK. 
• At least part of that support may have come from central bank flows as the Danish Central Bank cut its deposit rate to -0.75% in defense of pressure on the EURDKK peg. 
• That's the fourth cut this ye       

USD/JPY moves lower in dull trading

USD/JPY moves lower in dull trading

• USD/JPY off very moderately in Asia, early high 117.55, low so far 117.27.
  
  
• Large bln 117.00 vanilla options expirations supports.
  
  
• Japanese importer and investor interest seen towards/below 117.00.
  
  
• Offers well ahead of 118.00, option expiries at 118.00, 25-30.
  
  
• More range-trading looked at into tonight's key US payrolls data.