@@ Gold, crude oil to the ISM of judge and comments of the EDF of Paris there

Discussion points
Oil, copper for the stock data of the ISM, Fed-speak form risk trends of gold and silver reflect the Inflation-hedge demand that there expectations evolve products look towards U.S. economic calendar, with emphasis on the ISM manufacturing gauge us. Appeal of forecasts of a mild slowdown in April that keeps the movement of modest increase cut intact last year July (a print below 52.6 would be necessary to align the trend, and expected a result 53.0).
With the probability of Fed there still much to focus on financial markets, a fresh reading promotes the counter-current appetite for risk on hopes of rising stimulus. Crude oil and copper prices remain closely correlated with the 500 S & P and therefore should follow actions in this scenario, while the gold and silver may find support on the concerns of increasing dilution of the Dollar.
Investors are likely to assess a case held the comments of the representatives of the Fed in the same meaning. Regular observations of regional branch Presidents Kocherlakota, Williams, Evans, Lockhart and Plosser are due to the crossroads of the son. The preliminary series of weekly oil inventory figures APIs handles risk event of the day.
WTI crude oil (near NY): $104.87 / / 0.06 / / 0,06%
In a hanging man candlestick price lower resistance to 104.90, a former level of support, index that withdrawal may be coming. A low Tower here seen 102.20 initial support. Moreover, a discussion already target trend line resistance now at 105.91.

Daily chart - created with FXCM Marketscope 2.0
Spot Gold (near NY): $1664.75 / / + 2.00 / / + 0.12%
Prices have the top of a channel lower the value of early March, with the bulls now aimed to challenge the 1680.00 resistance and 1696.88, marked by summits of swing key set on 12 April and March 27. The top of the channel, now at 1656.74, has been redesigned as a short-term support.
Daily chart - created with FXCM Marketscope 2.0
Cash (near NY): $31.02 / /-0.24 / /-0.78%
Price test 31.36 resistance, with a break above channel down to expose the value of early March (now at 31,96). Channel short term substantive support is now 29.64.

Daily chart - created with FXCM Marketscope 2.0
COMEX E-Mini Copper (near NY): $3.830 / / + 0.004 / / + 0.10%
Prices are again more former support for a set of line increasing trend in mid-February, with a break already expose the next to the barrier just below the figure of 4,000 in the region of 3 933 - 3 988. For the moment, initial support to the 3.713 lines.

Daily chart - created with FXCM Marketscope 2.0

==> To convert US dollar higher as markets Digest Bernanke comments

26 April 2012 strategist 06: 33 GMT
Talking Points
Dollar recovered as markets Digest Post - FOMC Bernanke comment Euro may turn to low German CPI Drop Stokes ECB rate Cut Outlook NZ Dollar Gains after RBNZ rate decision, the markets dismiss Bollard threatens the US Dollar (ticker: USDollar) decreased during the night, with the markets seeming to take the comments of the Chairman of the Fed Chairman Ben Bernanke, saying that officials were "ready to do more" to help the economy if growth has hesitated, singling out additional QE as still "on the table". Taken in isolation, the statement seems the likelihood of a new enlargement of the balance, weighing on the greenback in return of the fears of dilution of the project. This instinctive reaction does not appear to have staying power, however, that the markets digest the rest of the comment of Bernanke.
Keep there "on the table", it makes sense. After all, it would be unreasonable to expect the Fed to do nothing if growth were to falter again. During this time, Bernanke made it clear that purchases of additional assets not were not favored, saying it would be "very foolish" to allow inflation higher for the sake of reducing unemployment. The head of the Central Bank also added that the promise of low rates to late 2014 was contingent on economic data and subject to revision, if conditions were to justify (which probably means the rate can increase faster that the Fed is currently awaiting). Coupled with the forecast of growth, employment and inflation level, this seems difficult to suggest an additional stimulus in the pipeline at least in the short term.
The New Zealand Dollar exceeded after the RBNZ unchanged interest as expected. The Central Bank Governor Alan Bollard said that the domestic economy showed signs of recovery and predicted growth would seek to steam as efforts to rebuild Canterbury following earthquakes that rocked the area in February and June of last year. Here too however, the markets seem to be just half of the story, leaving room for a reversal. Bollard expressly warned that if Kiwi remains strong despite the decline in the prices of raw materials, the RBNZ will need to "reassess" its position, giving the statement a tone typically Dove.
German Consumer Price Index figures in headline economic calendar European hours, with the expectations for the annual inflation rate down to 2% in April, marking the reading below within 14 months. Taken against the backdrop of the comment modestly Dove of the President of the ECB yesterday Draghi and deeply disappointing number of PMI for the eurozone released earlier in the week, the result can weigh on the Euro as expectations build rates.
Draghi said inflation risks were overall balanced and noted that the ECB is ready to do what was required in both cases. Whereas the ECB Chief also predicted that price growth will remain above 2% this year, falling on the German CPI reading outright level may begin to speculation of the drive as the Central Bank must relieve more policy.
Asia session: What happened
Reserve Bank of New Zealand rate decision
At the national level (MAR) consumer confidence
Conference Board Leading Index (FEB)
DEWR skilled vacancies Internet (MoM) (MAR)
The industry index of activity (MoM) (FEB)
Session of the euro: what to expect
(APR) Italian business confidence
BBA loans for the purchase of the House (MAR)
Indicator of the eurozone (APR)
Euro-Zone economic confidence (APR)
Confidence of consumers in the euro area (APR F)
Industrial confidence in the eurozone (APR)
Eurozone Services Trust (APR)
German Consumer Price Index (MoM) (APR, P)
German Consumer Price Index (YoY) (APR, P)
German CPI - EU harmonized (MoM) (APR, P)
German CPI - EU harmonized (YoY) (APR, P)
Critical levels

USD Struggles Amid Bernanke Comments, Euro Eyes 1.3500

U.S. Dollar: Fed Chairman Bernanke Strikes Dovish Tone Amid High Unemployment Euro: ESM & EFSF To Run In Parallel, Head-and-Shoulders Top Negated British Pound: Eyes 1.6000 Ahead of BoE Rhetoric U.S. Dollar: Fed Chairman Bernanke Strikes Dovish Tone Amid High Unemployment
The greenback struggled to hold its ground on Monday, with the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDOLLAR)giving back the overnight advance to 9,998, and the reserve currency may face additional headwinds during the North American trade should the developments coming out of the world’s largest economy fuel expectations for additional monetary support. Indeed, Fed Chairman Ben Bernanke struck a dovish tone for monetary policy amid the ongoing weakness in the labor market, and it looks as though the central bank head will keep the door open to expand the balance sheet further in an effort to encourage a stronger recovery.
As Mr. Bernanke continues to support an accommodative policy, it seems as though the central bank will endorse the zero-interest rate policy throughout 2012, but we may see a growing rift within the FOMC as Fed officials take note of the more robust recovery. As the economy gets on a more sustainable path, we should see the committee concluding its easing cycle this year, and the recent weakness in the USDOLLAR is likely to be short-lived as the index maintains the upward trend carried over from the previous month. In turn, we should see the reserve currency track higher going into April, and currency traders may turn increasingly bullish against the greenback as the fundamental outlook for the world’s largest economy improves.
Euro: ESM & EFSF To Run In Parallel, Head-and-Shoulders Top Negated
The Euro rallied to 1.3328 following the dovish comments from Fed Chairman Bernanke, and the single currency may continue to retrace the decline from the previous month as Europe policy makers increase their effort to address the sovereign debt crisis. German Chancellor Angela Merkel floated the idea of running the European Financial Stability Facility in ‘parallel’ with the European Stability Mechanism, while it seems as though the European Central Bank will continue to carry out its easing cycle in 2012 in an effort to lift the region out of recession. Indeed, Governing Council member Christian Noyer endorsed the ECB’s non-standard measures as the governments operating under the single currency struggle to get their house in order, and the central bank may continue to expand its balance sheet over the coming months as the fundamental outlook for the region remains clouded with high uncertainty. As the EURUSD clears the 2/9 high (1.3320), we are scaling back out call for a head-and-shoulders reversal, and it looks as though we will get another run at the 50.0% Fibonacci retracement from the 2009 high to the 2010 low around 1.3500 as the pair maintains the previous month’s range.
British Pound: Eyes 1.6000 Ahead of BoE Rhetoric
The British Pound extended the advance from the previous week, with the GBPUSD advancing to a high of 1.5956, and the pair looks poised to make another run at 1.6000 as market participants increase their appetite for risk. However, as the relative strength index breaks out of the downward trend carried over from the previous month, the technical development instills a bullish outlook for the sterling, and we may see the exchange rate continue to retrace the decline from back in November as market sentiment improves. With Bank of England officials expected to speak this week, less dovish comments from the Monetary Policy Committee should prop up the pound over the near-term, but the central bank may keep the door open to implement more quantitative easing in an effort to encourage a stronger recovery. In turn, we may have an opportunity to play the range-bound price action in the GBPUSD, but the recent strength in the sterling may gather pace going into April should the developments coming out of the U.K. dampen speculation for more asset purchases.
--- Written by David Song, Currency Analyst
To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong
To be added to David's e-mail distribution list, send an e-mail with subject line "Distribution List" to dsong@dailyfx.com.
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FOREX NEWS - Euro rises as China comments outweigh soft GDP

* Euro, riskier currencies buoyed by China comments

* Contraction in euro zone GDP could weigh in medium term

* Greek bailout uncertainty persists but markets optimistic

* Dollar hits 3-1/2 mth high vs yen after BOJ easing steps

By Nia Williams

LONDON, Feb 15 (Reuters) - The euro rose against the dollar on Wednesday after China said it would continue investing in euro zone debt, offsetting a contraction in quarterly GDP that added to concerns the currency bloc could slip into recession later in the year.

Euro zone output shrank by 0.3 percent in the fourth quarter of 2011, as forecast, and prompted little reaction in the euro. Analysts said weak European growth could weigh on the euro against the dollar more in the medium term as the U.S. economy shows signs of picking up.

The euro was last up 0.4 percent at $1.3172, retreating from a session high of $1.3191 and well off the Feb. 9 peak of $1.3322. CitiFX Wire said in a note that its traders were looking to buy on dips rather than chase the euro higher.

"The China comments have helped positive sentiment today and GDP figures were pretty much as expected so there's no huge surprise there was no massive market movement," said Nick Beecroft, senior markets consultant at Saxo Bank.

"But they are part of what will become an important story in the second quarter as reality starts to kick in terms of collapsing growth in the euro zone, which in itself hampers efforts to improve government deficits."

The Chinese central bank governor said China remains confident in the euro, helping buoy sentiment overnight, although further short-term euro gains looked dependent on whether Greek leaders signed a commitment to implement tough austerity measures.

The cancellation of Wednesday's meeting of euro zone finance ministers unnerved some investors worried about a disruption to a Greek bailout deal, but Greek conservative party leader Antonis Samaras was expected to sign a commitment to the strict austerity measures required.

Signs Greece was edging closer to a political consensus also helped support perceived riskier currencies against the safe-haven dollar and boosted European equity markets.

"This market is trading very much on risk sentiment. The China comments were good news for the European debt situation and thereby a positive for the euro," said Niels Christensen, FX strategist at Nordea.

"Regarding Greece, the general opinion is that some way or another they will reach an agreement and Greece will get its financial aid at some point. The market may be a little bit too complacent if it suddenly falls apart."

YEN WEAKNESS

The dollar outperformed the yen, hitting a 3 1/2-month high after monetary easing steps from the Bank of Japan on Tuesday triggered stop-loss buying of the greenback. It was last trading flat at 78.49 yen.

As well as the BOJ's expansion of its asset-buying scheme, Japan's shrinking current account surplus, its trade deficit and signs of economic recovery in the United States all weighed on the yen.

Dollar/yen stop loss buying by short-term accounts and Japanese importers along with an improving technical outlook suggested the dollar may extend its gains in the near term.

Traders said an obvious resistance level was the post-intervention high of 79.55 yen.

In another bullish sign, the dollar held well above strong support at its 200-day moving average, currently 78.04 yen, having closed above it for the first time since mid-April.

"There's very little upside pressure on the yen right now. Of course the euro zone can always suddenly change the landscape, but the bottom line for now is that the yen is going down," said Koji Fukaya, Credit Suisse chief currency analyst.

With the greenback under pressure against most currencies other than the yen, the dollar index fell 0.4 percent to 79.272. The risk-correlated Australian dollar rose 0.6 percent to US$1.0747.

FOREX NEWS - Euro rallies on Fitch, IMF comments, but risks selling

* Euro up, Fitch tones down Italy talk, IMF plans more funds
* Solid demand for German, Portuguese debt also boost euro
* Analysts see more losses if Greek debt talks break down
By Naomi Tajitsu
LONDON, Jan 18 (Reuters) - The euro rallied broadly on Wednesday after a ratings agency appeared to soften its stance regarding its outlook on Italy, while a media report that the IMF would boost its funding capabilities also pushed the single currency higher.
The single currency kept its distance from a 17-month low versus the dollar, but many in the market believe its gains this week are fleeting, and that the single currency may be in for another beating if the euro zone debt crisis deteriorates.
Investors resumed cutting back bets to sell the euro after an analyst at Fitch said the ratings agency did not expect Italy to default. In earlier trade, the euro sold off after a senior director said a two-notch downgrade to Italy was an option.
Fitch's comments came just days after rival S&P on Friday cut its credit rating for Rome and eight other countries. S&P on Monday cut its AAA rating of the EFSF European bailout fund.
Traders said a media report that the IMF would propose increasing its lending pool drove the euro higher, while solid demand at German and Portuguese bond auctions bolstered the single currency to near session highs.
"The headline about the IMF wanting to expand its lending facility has helped risk to recover quite brutally across the board," said Sebastien Galy, currency strategist at Societe Generale.
"People were trying to fade risk (in earlier trade) by taking profits on the euro, and as usual, they got burned a bit."
The euro traded at $1.2820, up 0.7 percent on the day after jumping to a session high of $1.2845. Traders said the single currency was finding support from bids around $1.2810.
Its gains were broad-based, with the euro climbing more than 0.5 percent to 98.60 yen, backing off an 11-year low plumbed earlier in the week, while it recovered from a record trough hit against the Australian dollar.
The dollar took a hit as a result of the euro's gains. Against a currency basket, the U.S. currency fell 0.5 percent to 80.779, although it hovered in range of a 16-month high hit on Friday. It slipped a touch to 76.70 yen.
GREEK RISKS
Also supporting the euro was solid demand seen at a German auction of two-year notes, while Portugal managed to sell short-dated paper without a hitch despite being downgraded to "junk" status by S&P late last week.
Analysts believe euro zone debt auctions, even for weaker countries, have been going well due to demand from banks, which many suspect have ample funds to invest in domestic debt after taking up a massive amount of three-year ECB loans last month.
But despite its rally this week, investors believe the euro will remain vulnerable to more evidence of fiscal and economic weakness in the region, and see more selling if Greece is unable to reach a debt deal with its creditors.
This would raise the chance of default.
"Greek bond negotiations could trigger more euro weakness as they have to close a deal soon, before Greek debt repayments are due in March," said Richard Falkenhall, currency strategist at SEB in Stockholm, referring to talks beginning in Athens on Wednesday.
"If they don't come up with a solution soon, it could result in more euro weakness."
© Thomson Reuters 2011. All rights reserved.
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