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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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| Technical Calls |
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Dollar investors bring down gold, silver prices |
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Gold slipped again for Dollar investors early in London on Friday, nearing the weekend 1.7% above last week's finish as commodities fell, government bonds rose, and world stock markets dropped. Gold priced in the British Pound Sterling hit a new all- |
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High gold price threatens Indian marriage culture |
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Gold’s auspicious significance within Indian culture will continue to ensure it plays an important role in weddings there, even as India modernizes. But the threat is that the gold price has become much more driven by speculative investment in the pa |
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Gold, silver traders book profit as prices fall |
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Against this changing set of background conditions, New York spot gold bullion opened with an $8 loss, quoted at $1136.70 per ounce. Trade talk indicates a possible dip to the $1100 area prior to a possible renewed assault on the other side of the $1 |
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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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