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Appeal Of The Japanese CurrencyTitle:
Forex: Swiss franc rallies on fears of global slowdown
The Swiss franc vaulted to record highs against the dollar and euro on Tuesday as sluggish global growth, fresh concerns about the euro zone debt crisis and fears about the United States' coveted triple-A rating led investors to bet in favor of the safe-haven currency.
New evidence that the U.S. economy has hit a rough patch emerged via a report that showed consumer spending, which accounts for about 70 percent of economic activity, unexpectedly fell in June to show the first decline in nearly two years.
The report came a day after data showed sluggish U.S. and global manufacturing.
Congress was poised to grant final approval to a deficit-cutting package that will avert a U.S. debt default but may not be enough to prevent a damaging downgrade of the top-notch American credit rating.
"A ...
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Dukascopy Morning Forex Overview: 07/29/2011
Previous session overview
Major currency pairs are little changed Friday, while investors puzzle out whether to risk any major plays before the weekend, when U.S. politicians are likely to hash out a debt agreement.
The dollar fell in Asia Friday after the U.S. House cancelled a vote on Speaker John Boehner's debt ceiling plan, adding to speculation the risk of a sovereign downgrade is rising even if a last-minute deal is reached by a Tuesday deadline to avoid default.
The greenback dropped to a fresh more than four-month low against the yen at JPY77.48 after House Majority Whip Kevin McCarthy said the House would not vote as scheduled Thursday evening in D.C., as House Republicans were unable to gain enough support within their ranks to secure passage of the bill.
At 0350 GMT, the ...
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Strong Data Supports Short-Term Risk Taking in Forex Market
A short series of data released yesterday painted a relatively stronger picture for the US economy's growth. Weekly unemployment claims saw a better than forecast rise, hitting 398,000 for the past week. A home sales report also showed a solid uptick, significantly beating expectations. So far the news has helped drive the USD lower as traders seek out small amounts of risk ahead of the week's conclusion.
Economic News
USD - US Dollar under Pressure from Solid Jobs Data
The US dollar was seen trading mildly lower yesterday as traders began to reevaluate the recent jump in USD values. The EUR/USD was seen meeting resistance near 1.4500 yesterday and plummeted towards 1.4430 in late trading. The greenback saw similar movements against most other currency pairs as well.
A short series of ...
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Dollar dogged by debt stalemate; yen seesaws
(Reuters) - The dollar hit a record low against the Swiss franc and a four-month trough versus the yen on Tuesday, as investors were skeptical that U.S. President Barack Obama's call for compromise would lead to a swift breakthrough in deadlocked debt talks.
There was broad pressure on the greenback, with the New Zealand dollar climbing to a post-float high, the Australian dollar hitting a three-month peak, while the euro extended its gains versus the dollar after breaching chart resistance.
The dollar seesawed against the yen. Stop-loss dollar selling and speculative sales aimed at taking out an option barrier helped drag the dollar down to a four-month low against the Japanese currency at one point.
But the dollar later briefly spiked higher against the yen, rising nearly a full yen ...
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Oil Prices Approaching $100 a Barrel Mark
Crude Oil prices rose yesterday, reaching as high as $99.60 per barrel in late trading. Growth differentials between the Atlantic states have risen into view this week while manufacturing output and service data revealed mild weakness in Europe. The news so far has not generated enough resistance to stop the surge in price seen on Crude Oil after China's reported increase in demand.
Economic News
USD - US Dollar Regains Losses as Thursday Data Slumps
The US dollar was seen trading higher yesterday as traders began to reevaluate the recent dip in USD values from notions of growing risk appetite brought about by optimistic housing and earnings data. The EUR/USD was seen meeting resistance near 1.4250 yesterday and plummeted towards 1.4200 in late trading. The greenback saw similar ...
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Second Week of Gains for Yen, Will BOJ Intervene?
The Japanese yen posted a second week of gains as concerns the debt problems in the US and Europe made the currency more appealing as a safe haven.
Worries about the sovereign-debt crisis intensified after the major rating agencies warned that the rollover of the Greek debt would be considered a default and spoke about possibility of the US credit rating downgrade. The yen climbed against the greenback on the speculation that the Federal Reserve will embark on a next round of the quantitative easing.
The fundamentals in Japan are positive for the yen too. The Bank of Japan said that the economy is recovering from the earthquake:
After declining sharply following the earthquake, production has recently shown clear signs of picking up with the easing of supply-side constraints. This ...
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Forex Market Ends Friday with Heavy News Day
With a moderately heavy US news day expected Friday, dollar traders should be anticipating some exciting currency movements brought about by heightened liquidity. Beginning at 13:30 GMT, the US will be releasing its nominal and core CPI figures to fill in the consumer side of its inflationary reports this week. Shortly thereafter it will publish its Empire State Manufacturing Index, its Capacity Utilization Rate, Industrial Production, and Preliminary University of Michigan (UoM) Consumer Sentiment and Inflation Expectations reports.
Economic News
USD - US Dollar Gains as Bernanke Notes Delay in Potential Easing
The US dollar was seen trading higher yesterday as traders began to reevaluate the recent dip in USD values from statements the Fed may institute another round of quantitative ...
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Bernanke to Testify in Congress Today
Federal Reserve Board Chairman Ben Bernanke will be testifying before the House Financial Services Committee in Washington, D.C. at 15:00 GMT today. His remarks tend to generate significant volatility in the forex market as they may hint at future monetary policy moves by the Fed.
Economic News
USD - Bullish USD Gathers Strength alongside Market Pessimism
The US dollar has been increasing since late last week as traders appear to be seeking shelter following speculation that the global economy is slowing and economic recovery may experience setbacks as the year progresses. Fears of debt contagion in Europe as well as recent inflationary sluggishness in the UK are only the latest in a string of reports that paint an ominous economic picture.
The news so far has sent the EUR/USD towards ...
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British Inflation under Review Today
British manufacturing and housing both appear to be offering solid signs of economic growth, though its industrial production data last week was mildly disappointing. Most speculators view the UK as only a slightly better investment option than the euro zone residing to its south and east. Markets may capitalize on this by holding their GBP positions longer, but the region's bearish move has some investors uneasy about such positions. Today's 9:30 GMT release of inflationary data will help fill in several of the missing data points.
Economic News
USD - USD Rising from European Debt Contagion Fear, EUR Decline
The US dollar was seen increasing yesterday as traders began to seek shelter following speculation that Italy was experiencing symptoms of a debt contagion caught as a byproduct ...
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