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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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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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| Technical Calls |
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Gold may break out of $1,150 – $1,100 range |
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We don’t foresee that gold can yet break out of the $1,150 – $1,100 range in which it has been since the second week of December. As indicated in the Focus, downside support is increasing. |
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Crude slip as funds increase bet on higher prices |
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Crude oil futures kept falling back from highs even though speculative funds increased their bets that prices are headed higher. The benchmark West Texas Intermediate contract ended the week at $80.68 a barrel, after nearing $83 earlier in the week, |
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Gold Bullion or Gold Stocks: Which is best to invest? |
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Global equity markets have changed over the last three years, investor capacities and capabilities have changed as have interest rate patterns. This makes it incumbent upon investors to re-examine this question from the ground up. |
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Corn ended lower Friday on a stronger dollar, but still posted gains for the week. The market gave back some of its recent gains as it ran into technical resistance. The dollar was the main factor, traders said. |
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U.S wheat futures finished lower Friday on pressure from gains in the U.S. dollar and bearishness about large supplies, traders say. The rising greenback weighed on the grains for the second consecutive day. |
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Soybean futures settled higher Friday, managing to carve out modest gains on the end-of-the-day position evening. |
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