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Monday, June 09, 2014
Good morning from warm Hamburg and welcome to our first Daily FX Report for this week.
Yesterday Rafael Nadal beat Novak Djokovic and won his ninth French Open title and a record
fifth in succession. Nadal has won now 14 Grand Slam titles and this current victory means that
he will remain world number one ahead of Djokovic. By the way yesterday Red Bulls Daniel
Ricciardo won the Canadian Grand Prix for the first time this year.

However, we wish you a successful start into a new trading week.


Market Review Fundamental Perspective

On Friday the Dow Jones Index of shares won 0.5 percent and the Standard & Poors Index
climbed also 0.5 percent close to the 2,000 mark. Both closed at record high. Today a report
showed that Japans economy strengthened at the fastest pace since the third quarter of 2011.
Economists had estimated that gross domestic product grew at 5.6, but data even showed an
advance of 6.7 percent in three months to March. Japans trade deficit narrowed to 780 billion
yen in April, from 1.1 trillion yen the previous month. The JPY decreased versus all its major
peers, reducing demand for the JPY as a save haven currency. The USD/JPY dropped 0.1
percent to 102.60 and the EUR/JPY declined 0.1 percent to 140.00. The EUR/USD was coming
from a 0.1 percent loss on June 6 and is now nearly unchanged at 1.3646. Australias currency
was at 0.9340 USD from 0.9333 on June 6, following a two-week 1.1 percent gain. Due to a
holiday the Australian market is closed.
Yesterday data showed that Chinas export increased in the past month more than the market
had forecasted. Exports in the worlds second-largest economy advanced 7 percent from a year
earlier. But the imports unexpectly decreased 1.6 percent and the trade surplus rose to $35.92
billion. These stronger Chinese exports might convince Chinese leaders that a recovery in
demand from the U.S. and Europe will support economic growth and maybe also reduce the
need for more stimulus. Last Friday data showed that US unemployment rate held steady at 6.3
percent and 217,0000 jobs were added in the past month, which is slightly fewer than expected.
This data support the assumption that the US economy is gaining momentum.


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Daily Technical Analysis
XAU/USD (Daily)
After Gold hat touched a six month high around 1392.5 at the middle of March, it tumbled and
lost nearly 140 USD. Currently the support line around 1240 was able to stop the decrease but
according to the MACD there is still no evidence for a clear trend reversal, so more losses might
be possible.

Support & Resistance (Daily)
Support Levels around Resistance Levels around
1240.00 1272.67
N/A 1315.87
N/A 1326.88



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XAG/USD (Daily)
After touching a sixteen month high around 22.16 at the end of February, the XAG/USD
decreased along a long term bearish trend line and reached the support around 18.60. The RSI
is slighty assuming a recovery of the pair so we have to wait and observe the upcoming trading
movement.

Support & Resistance (Daily)
Support Levels around Resistance Levels around
18.970 19.727
18.606 19.969
N/A 20.366




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GBP/USD (4 Hours)
At the beginning of May close to its four year high around 1.6995, the bears took control of the
pair and pull it down along and inside a downward Fibonacci fan. Two weeks ago the support
line around 1.6695 was strong enough to stop further losses and since then the GBP was
gaining versus the USD. The Stochastic assumes a continuation of the current trend if the pair
succeeds to move out of the fan and crosses the next hurdle around 1.6845.


Support & Resistance (4 Hours)
Support Levels around Resistance Levels around
1.67832 1.68452
1.67309 1.69012
1.66952 1.69199


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Daily Calendar & Key Events
Date Time (GMT) Economic Indicator Last Survey
09.06.2014 08:30 UK Lloyds Employment Confidence 1
09.06.2014 08:30 EC Sentix Investor Confidence 12.8 13.3



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