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Aussie trades firmer at noon |
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The Australian dollar got a lift on Friday as the country’s central bank painted a luminous outlook for the economy, suggesting interest rates and the currency were set to rise a lot further over time.
The Aussie was firmer at $0.9133 at noon, from $0.9051 seen here late Thursday, albeit in thin trading volumes. In the near term, it is meeting resistance at the 20-day moving average of $0.9140.
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Pointing to buoyant trade, investment and population growth, the Reserve Bank of Australia (RBA) sharply upgraded its forecasts for economic growth.
The Aussie was firm on the yen at 82.79 yen , from Thursday's 81.84. Trade was cautious ahead of key U.S. payrolls data later in the session.
As it is, Australia already offers the highest interest rates in the developed world at 3.50 percent.
While investors are unsure about a 25-basis-point rate rise next month, they are confident rates will be sharply higher a year from now.
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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