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Pound tumbles against major currencies |
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British pound declined to multi-day lows against its U.S., European and Swiss counterparts Monday despite a report that showed house prices in U.K. continued to rise in October.
The Bank of England, which is due to review its monetary policy on November 5, is expected to hold its key interest rate at a record low of 0.5%.
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The central bank is also expected to expand its asset purchase scheme from the current GBP 175 billion as the economy unexpectedly contracted in the third quarter.
The pound, which closed last week's trading at 1.6870 against the Swiss franc slipped to a 5-day low of 1.6721 in early deals on Monday. The next downside target level for the pound-franc pair is seen at 1.667.
During early trading on Monday, the pound fell to a 5-day low of 0.9035 against the euro.
If the U.K. currency weakens further, it may target the 0.907 level. At Friday's close, the euro-pound pair was quoted at 0.8953.
The pound plunged to a 4-day low of 1.6349 against the dollar in early trading on Monday. This may be compared to Friday's close of 1.6434. On the downside, 1.625 is seen as the next target level for the pound.
In early Asian trading on Monday, the pound slumped to a new multi-week low of 145.85 against the yen. Thereafter, the pound recouped its losses and reached a high of 148.58 against the yen in late Asian trading.
However, the pound-yen pair eased in early European deals and the pair is currently trading near Friday's close of 148.05.
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| Technical Calls |
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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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Silver in great demand as gold price soars |
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Thus the bull market may have put gold out of reach for many consumers. And that may account for some of the renewed interest in "the poor man's gold" – silver. Since Monday this week, silver has made its first significant break-out move – relative t |
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Gold prices soar to record high in Indian market |
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There seems to be no end to the surge in the gold prices in Indian bullion market. Even though, gold sales have fallen by 48% in the third quarter in India, gold prices continue to soar in the wake of surging yellow metal prices in the global market. |
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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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