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Forex: GBP/USD back around 1.5470 after quick spike high

The GBP/USD spiked during European lunch hour just to touch the opening price of 1.5506, then quickly returning back below the 1.5500 mark. The pair is back at its sideways trading range around 1.5470, down by -0.30%, but the market seems to be looking for further downside.

US and Canada markets are closed for holidays, leaving the FX market with low volumes for the rest of the trading day.

Mataf.net analysts point to resistances at 1.5585, 1.5545 and 1.5500. On the downside, supports might be found at 1.5465, 1.5435 and 1.5400.

Commodities Brief – Gold cannot hold onto to earlier gains, crude oil rallies

Gold prices have been largely unable to hold onto their gains from Asian trading Monday, as the stock markets maintain a respite in the United States given the observance of Presidents Day. Followjng a move up towards the 1670 region earlier today, European trading witnessed a surrendering of gains. At the time of writing, the price of the yellow metal has settled at USD $1610.98, up only $2.18 Monday. "The latest price slide was accompanied by significant outflows from gold ETFs, while investors on the futures markets are also largely to blame for the price drop" says today's commodities note from Commerzbank.
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Forex Flash: Global crude oil needs increasingly dependent on OPEC – Merrill Lynch

Merrill Lynch analysts say that the world needs a 1.4 million b/d per annum of crude oil output to keep oil prices steady while absorbing an expanding labor force. However, with non-OPEC oil supply growing by an average 480 thousand b/d over the last decade, the world is growing rapidly dependent on OPEC.
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