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Greenback hits six-month high against euro |
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The greenback recorded a six-month high against the euro , buoyed by another drop in oil prices and growing views the U.S. economic slowdown may be bottoming while growth in the euro zone stalls.
The US dollar posted a fifth week of gains against the euro as investors shifted their view on the global economy's ability to withstand a downturn initiated in the United States. The greenback has rallied nearly 6% against the euro this month.
Data in the U.S. on Friday showed an unexpected rise in manufacturing activity in the New York state area and an increase in industrial output and consumer confidence. By contrast, reports on Thursday showed the euro zone economy contracted in the second quarter for the first time since the common currency's inception.
The Bank of England this week also warned of economic slowdown ahead and Japan said its economy contracted in the second quarter at the sharpest rate in seven years.
A steep drop in commodity prices also has lent support to the dollar because it helps ease concern about the U.S. economic outlook in the second half of the year.
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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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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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US dollar has to decline for gold to do well? |
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Did you know that since the very end of 2004, the US$ is flat but Gold is up 143%? Since July 20, 2007, Gold is up 56% while the dollar is flat. Since early September 2008, Gold is up 35%, while the dollar is up 1%. |
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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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