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GBP/USD short term bottom seems 5478-5383 and top 6210-42.
EUR/USD short term bottom seems 2580-2618 and top 3510.
USD seems to weaken this quarter with GBP target of 6330 and EUR of 3250 if talks of QE3 takes place and euro area resolution policies implemented without new story.
Gold has taken correction according to our forecast for it to go 1850 by August end.
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Thursday, August 11, 2011
Euro collapsed vs. the greenback
Euro is currently trading at 1.4225 levels. Euro collapsed vs. the greenback on rumors of an imminent downgrade of France but all the three major rating agencies affirmed the country's AAA rating.
By
M.Zohaib Gadit
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