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Greenback mixed against major currencies |
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The greenback showed mixed performance against its major counterparts Monday as investors will be looking to a slew of economic indicators this week for further clues about the strength of the U.S. economic recovery.
While the dollar recovered from a new multi-week low against the yen, it fell from a 4-day high against the euro and the franc. On the other hand, the dollar soared to a 4-day high against the pound.
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The U.S. economy has been kick-started into growth but investors still face an uncertain outlook as Wall Street gears up for comments from the Federal Reserve and a key report on employment this week.
The Fed's policy statement could signal fewer liquidity measures for markets, while nonfarm payroll data and the Institute for Supply Management surveys on the manufacturing and service sectors will give early indications of how the economy is faring in the fourth quarter.
Investors are nervous that monetary and fiscal stimulus measures may be ended too soon.
The bankruptcy of CIT Group Inc (CIT.N) on Sunday will also feed pessimism about the economy this week. The century old commercial lender was brought down by the global credit crisis that left it unable to fund itself, while the recession left it with too many bad loans.
The bankruptcy, one of the largest in U.S. corporate history, has been widely expected for months and is unlikely to provide a massive near-term shock to the financial system. But CIT's trouble could further weigh on the fragile U.S. economy.
The dollar slipped after reaching a 4-day high of 1.4685 against the euro and 1.0281 against the franc. At present, the dollar is worth 1.4789 against the euro and 1.0212 against the franc, compared to Friday's close of 1.4710 and 1.0265, respectively. The near term support for the dollar is seen at 1.017 against the franc and 1.486 against the euro.
Against the currency of U.K., the dollar is currently trading at a 4-day high of 1.6349. If the dollar gains further, it may target the 1.625 level. At Friday's close, the pound-dollar pair was quoted at 1.6434.
The dollar plummeted to a new multi-week low of 89.21 against the yen before bouncing back at 6:45 pm ET Sunday. As of now, the dollar-yen pair is trading at 90.30, up from last week's close of 90.10. The next target level for the U.S. currency is seen at 91.6.
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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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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