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Dollar hits four-week high against Yen |
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The dollar increased to a four-week high against the yen and strengthened versus the euro as a US government rescue of Fannie Mae and Freddie Mac moved closer to congressional passage and crude oil prices fell.
The currency gained as signs of stability in the financial industry fueled bets that the Federal Reserve will raise interest rates in September. The yen touched a record low against the euro as reduced currency and stock volatility encouraged investors to add to holdings of higher-yielding assets funded in Japan.
The dollar rose 0.6% to 107.95 yen in New York, from 107.33 Wednesday. It reached 107.97, the highest since June 26. The US currency appreciated 0.7% to $1.5678 per euro, after rising to $1.5671, the strongest since July 9. The yen touched 169.96 euro, the weakest since the 15- nation currency's 1999 debut, before trading at 169.23.
The pound climbed 0.9% to 78.51 pence against the euro in the biggest advance in more than six weeks. Sterling rose 0.5% to $US2.0017.
The Chinese Yuan fell 0.1% to 6.8298 versus the dollar. China will slow the local currency's gains to about 3% in the second half of the year to help exporters weather a decline in global demand and rising costs.
The Dollar Index on the ICE market, which tracks the greenback against the currencies of six US trading partners, touched 72.797, the strongest since July 9.
The dollar fell to a record low of $1.6038 per euro on July 15 as traders speculated that Fannie and Freddie, who own or guarantee almost half of the $12 trillion in outstanding home loans, would be forced to seek a bailout.
The yen dropped 0.9% to 215.68 against the pound and 0.3% to 106.82 versus the Canadian dollar as the drop in volatility encouraged carry trades, in which investors get funds in a country with low borrowing costs and buy assets where returns are higher.
Japan's target lending rate of 0.5% compares with 5% in the U.K. and 3% in Canada.
The euro fell earlier versus the dollar as the European Union said industrial orders in the region dropped 3.5% in May.
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| FOREX Reports |
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Rupee closes in the red |
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Indian rupee ended trading Friday Rupee at 44.65/66 per dollar, from the previous close of 44.35/36, as losses in the local share market raised concerns about further foreign fund outflows.
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Rupee nosedives to 21 month low |
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Indian rupee nosedived to its lowest in 21 months on Friday as a stock market slide triggered concerns of further foreign fund outflows. |
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Japanese foreign reserves decline in August |
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Asia’s largest economy, Japan’s foreign exchange reserves declined for the first time in three months at the end of August, the Japanese Finance Ministry said.
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| Technical Calls |
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Commodities recap - evening of 5th Sept, 2008 |
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Bullions remained subdued in morning session although they eased little and slides below $800, drop in crude pressurized gold. Precious metal stayed under pressure on the dollar's strength and weaker oil prices. |
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Flashback-Energy-5th Sept, 2008 |
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Crude Oil prices fell yesterday by more than $1, as concern over falling demand outweighed unexpected drop in crude oil inventories. |
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Status Report of Commodities for Sept 5, 2008 |
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Gold fell for the fourth straight day as the euro weakened against the dollar, eroding the appeal of the precious metal as an alternative investment. Silver was little changed. The euro fell as much as 1.2 percent against the dollar after the Europea |
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