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Forex: USD/JPY nears daily highs after US housing starts

The dollar advanced versus the yen after the release of US housing starts, as investors are looking past the negative headline number, which showed a 8.5% fall in housing starts last month.

However, underlying figures were positive, as starts for single-family units, representing two-thirds of the total, rose to their highest since July 2008. New building permits up more than expected and December's starts revised higher.

USD/JPY rose back to the 93.75 area but stalled just ahead daily highs that lies around 93.80. At time of writing, the cross is quoting around 93.65, still up 0.1% on the day, having recovered from a low of 93.13.

Forex: EUR/USD back to daily flatness

The EUR/USD found its daily low at 1.3362 just ahead of the publication of US data. US housing building permits rose to 0.925M (more than expected), but housing starts declined to 0.890M (less than expected) in January. US PPI rose from 1.3% to 1.4% (YoY), despite rising less than expected on the month (+0.2% instead of +0.3%).
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Commodities Brief – Precious metals retreat to summer levels ahead of FOMC

Earlier today, Gold Prices sustained a prolonged break below the 1600 region for the first time since mid-August. Ahead of the FOMC later today at 17:00 GMT, the yellow metal has been trading negatively since European trading, operating as low as 1588.25 (session low). At the onset of American trading Gold has recovered the USD $1590.05 level, though an early cessation of $85billion monthly bond purchases in 2013 could drive prices lower.
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