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Market Review 01.02.2013

February 1st, 2013 Posted in Daily Forex News Bookmark and Share

The EUR/USD shot up to a 15-month high during the Asian session last night, as confidence in the euro-zone economic recovery continued to generate risk taking among investors. Meanwhile, the Japanese yen extended its bearish trend amid speculations regarding future aggressive monetary easing from the Bank of Japan. The USD/JPY gained close to 60 pips to trade as high as 92.28.

Gold and crude oil were largely range trading throughout the overnight session, ahead of key US employment data today.

Main News for Today

US Non-Farm Employment Change- 13:30 GMT
• The Non-Farm figure is widely considered the most important economic indicator on the forex calendar
• If today’s news comes in below the forecasted 161K, investor confidence in the US economic recovery may go down, which would result in losses for the US dollar
• Additionally, if today’s news disappoints, gold prices may be able to stage a bullish correction before markets close for the weekend

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