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Forex: EUR/USD plunges as G-20 meeting takes place, low at 1.3312

The G-20 meeting is making the rounds, with EU's Rehn calling for more focus on reforms and less attention to fiscal and monetary stimulus. The main subject of the meeting for the FX market remains the question about policy on exchange rates. ECB's Asmussen defended market based rates, without fixed targets, and said the EUR is not seriously overvalued.

Like Rehn, Asmussen called for more attention on reforms, pointing to the importance of the French budget deficit under 3% GDP this year, and the stability and growth pact.

After erasing all gains made above 1.3363 (high at 1.3393), the EUR/USD fell to as low as 1.3312. As of writing, the market trades back above 1.3320.

UBS analysts are neutral: "There is strong support at 1.3270. Only a closing break below this would trigger deeper sell-off to 1.3187", wrote analyst Gareth Berry, pointing to resistance at 1.3520 ahead of 1.3564.

Forex Flash: Bearish tone for USD/CNY ahead - BTMU

Bank of Tokyo Mitsubishi UFJ analysts can see a bullish tone ahead for USD/CNY and see a range of 6.2150-6.2350 forming.
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Commodities Brief – Gold prices fall to 6-week lows, G20 eyed

Gold prices reached have reached a 6-week low against the USD following yesterdays weak Eurozone GDP data that sent the yellow metal into a tailspin, recording its lowest monthly figure to date at the 1629 region. As of European trading however, the price has not faired much better, as prices were capped at 1634, before waning again to USD $1630.96 at the time of writing. Investors remain cautious as the renewed economic worries over the Eurozone adds to worries over the G20 meeting later today and on Saturday, as the “Currency war” will move to Moscow where finance officials debated over Japan`s expansive policies that have driven down the value of the yen.
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