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Dollar rises against European majors |
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Dollar edged up against the currencies of Switzerland, Europe and U.K Thursday but declined against the Japanese yen.
During early Asian deals on Thursday, the dollar rose to a 3-day high of 1.6689 against the pound. This may be compared to yesterday's close of 1.6747. On the upside, 1.652 is seen as the next target level for the U.S. currency.
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The dollar climbed to 1.0134 against the Swiss franc and 1.4915 against the euro in early Asian trading on Thursday. The next upside target level for the dollar is seen at 1.482 against the euro and 1.021 against the franc.
The euro-dollar and the dollar-franc pairs were worth 1.4963 and 1.0101, respectively at yesterday's close.
In early Asian trading on Thursday, the dollar weakened against the Japanese yen. the dollar-yen pair touched 89.14, down from Wednesday’s close of 89.36. If the pair slides further, it may test near term support around the 88.8 level.
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| FOREX Reports |
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Outlook : Major currencies vs dollar |
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Fall below 1.3640, though a bearish sign, still holds hope for a rise towards 1.3855or even higher. Crucial support is at 1.3530 and as long as this level remains undisturbed, we favor a rise again towards 1.3800 or even higher. Fall below 1.3520 will force us to abandon our bullish view. |
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US automakers against Yen, Won depreciation |
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.S. automakers urged Congress to challenge Japan and South Korea on the issue of currency devaluation, which influences export prices. South Korea has recently made moves to depreciate the value of the won, while Japanese officials said they were prepared to keep the yen from appreciating |
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Asian currencies fall vs dollar |
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South Korea’s won and the Taiwan dollar dropped Thursday on speculation central banks will seek to limit appreciation that may hurt exports. |
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MCX Comdex was down by 0.01% to 2689.15, MCX Energy was down by 0.83% to 2682.40 and MCX Metal was up by 1.23% to 3249.78. |
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Turmeric futures moved sharply up Friday on the back of lower stock piles and higher demand in the spot market. |
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Gold futures in the domestic exchange witnessed a decline Friday in tandem with weak global market sentiments driven by strength in the US dollar. |
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