Market Update

Focus on G7, Bernankes Humphrey-Hawkins Act Testimony (WED + THU), Trade Balance and Retail Sales next week.

G7 most likely to influence EURJPY. Probably a non-event (bullish).

Stocks consolidating before next week’s figures and events.

Fixed Income correcting higher. Buy EURUSD and EURJPY for the short term. EM Currencies also going lower.

Gold Pushing higher, clearing crossing earlier 661.30 this shall push it high upwards to 676.35 which is Jul 2006 high.

With Crude Oil also clearing the physcological resistance at $60 nicely, it is understood for it to push higher with target remaining at $62 in next few days.

Dollar weakness is on the boards, which is supportive for precious metals.

Iran issue rises again, causing much political tensions in the market, which is also another factor for rising in Precious Metals