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Greenback eases in Asia on profit taking |
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Profit taking by traders on Greenback’s recent surged eased its highs against the euro and yen in Asia on Monday.
The dollar briefly slipped below the key 110-yen level before rebounding to 110.21 by late morning in Tokyo, down from 110.48 in New York on Friday.
The euro rose to 1.4732 dollars, up from 1.4685 late Friday. The euro firmed to 162.32 yen from 162.27.
Investors sold the greenback to take profits on its recent rise while exporters bought yen to repatriate their overseas earnings.
The dollar recently has risen to a six-month peak against the euro and to its highest level since January against the yen on worries that the fallout from the US financial crisis is spreading to other major economies.
Markets were looking ahead to the results of the ZEW survey of German business confidence due Tuesday, amid growing concerns about the health of the eurozone economies.
The dollar has been buoyed by growing speculation that the European Central Bank could begin cutting interest rates next year to boost the eurozone economy, which shrank by 0.2 percent in the second quarter.
Falling commodity prices and a rise in US industrial output in July gave an additional boost to the US currency, dealers said.
The Bank of Japan was due to start a two-day meeting on interest rates later Monday, with traders bracing for a more cautious assessment from the central bank on prospects for Asia's biggest economy.
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| FOREX Reports |
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SA rand remains steady |
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South Africa’s currency, the rand was little changed from its morning levels by midday Tuesday, tracking the euro as markets looked to consolidate. |
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Yen extends losses against majors |
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Japanese currency, the yen extended its early Asian session's slide against its major opponents in late trading and slumped to multi-day lows against most of them. |
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Kuwait again cuts key rates |
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Kuwait’s central bank, the Central Bank of Kuwait on Monday cut its one-week and one-month repurchase rates by 25 basis points each in a bid to expand money supply, a day after reducing the benchmark discount rate.
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| Technical Calls |
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Physical gold demand, ETF holdings plunge |
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The Citi analysts go on to point out that: “The strength of investment demand over the last few years has been reflected in physical bullion and ETF demand although both are showing signs of dissipating. Investment in physical bullion has slowed shar |
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Falling price keeps Gold out of limelight |
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The U.S. gold market, whether it be COMEX of gold Exchange Traded Funds have, to date, dominated the gold price itself. These markets place an overriding emphasis on the Technical picture. Major buyers, follow these short-term moves and players caref |
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Experts are wrong on gold: Howard Katz |
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This concept that the “experts” are repeatedly wrong is so common in economics that it has a special name: the theory of contrary opinion. A good example of this is the bottom in gold in 1999-2001. |
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Mentha oil futures gained marginal momentum at the MCX counter Tuesday on short covering. Mentha oil futures have been trading under selling pressure after UP Government imposed mandi tax on mentha. |
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Copper prices extended the previous gains on Tuesday in the domestic futures market backed by the strong global sentiments. |
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Silver futures tumbled in the domestic market on Tuesday in line with weak global sentiments despite weak US dollar.
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