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(PRWEB) November 19, 2011
According to Chinese data including CPI, industrial production, and trade, the gold-dollar correlations are expected to continue to increase this week on a shorter term basis. InvestTehFX reports that the USD and gold will be driven up as retail spending could cut into investor sentiment and weaker data is expected in industrial production. Mild short term volatility drove traders towards the USD and gold havens while markets were affected by a possible referendum in Greece and its Euro Zone membership, and IMF’s oversight for Italy’s budget problems at the G20 meeting.
Traders are expected to closely monitor events in Europe according to the Forex currency exchange experts at the online Forex ECN company InvestTechFX. The central government may not stop their efforts to reign in prices by restricting the domestic economy though the key data is expected to be weaker. The Euro bid higher with Greek Prime Minister George Papandreou stepping down to form a unity government between the main opposition New Democracy and his PASOK party. The spotlight has now turned to developments in Italy with Silvio Berlusconi, the ex Prime Minister seeing increasing defections in his party. Gold remains anti-dollar as longer term correlations have remained decidedly unchanged even though short term correlations between gold and the dollar have increased.
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