Amplifying Market Moves

(Reuters) - The euro struggled to stay above the $1.300 level against the dollar in Asia on Tuesday after slithering from a three-week peak on news that euro zone finance ministers rejected an offer by private creditors to restructure Greek debt, keeping alive default fears. The euro slipped as low as $1.2987 before steadying at $1.3005. On Monday, it had jumped more than 1 percent to a high of $1.3053 on the EBS trading platform as hopes of an eventual Greek deal drove a wave of short-covering. "The euro's moves are familiar, with positive news leading some to cover their short positions, followed by a correction as investors sell into the rallies," said Koji Fukaya, chief currency analyst at Credit Suisse in Tokyo. The euro hit a session low after a report rekindled fears that ...

Gold was set for its biggest one-week rise since late 2008 on Friday after a raft of soft economic data battered stock markets, though prices eased from record highs as equity markets and the euro edged off lows in afternoon trade. The metal rallied nearly 3 percent earlier in the day to a record $1,877 an ounce as investors sought refuge from a second day of hefty losses on the stock markets, hurt by deepening concerns over slowing economic growth. Spot gold was up 1.7 percent at $1,853.89 an ounce at 9:41 EDT. It is on track for its biggest one-month rise in nearly 12 years in August and is up 31 percent so far this year. However, it has retraced from earlier record highs as European shares lifted from lows and the euro recovered some lost ground. "Any time in the current environment ...

(Reuters) - Gold was set for its biggest one-week rise since late 2008 on Friday after a raft of soft economic data battered stock markets, though prices eased from record highs as equity markets and the euro edged off lows in afternoon trade. The metal rallied nearly 3 percent earlier in the day to a record $1,877 an ounce as investors sought refuge from a second day of hefty losses on the stock markets, hurt by deepening concerns over slowing economic growth. Spot gold was up 1.7 percent at $1,853.89 an ounce at 9:41 EDT. It is on track for its biggest one-month rise in nearly 12 years in August and is up 31 percent so far this year. However, it has retraced from earlier record highs as European shares lifted from lows and the euro recovered some lost ground. "Any time in the current ...