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Euro rallies from 4-month low versus dollar
The euro rallied from a four-month low against the dollar on Friday as investors pared bets against the single currency after a more than 3 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.
Positioning ahead of the weekend meeting of the Group of 8 major industrialized nations and technical support also helped, traders said, as the euro approached its January low of $1.2623. Gains accelerated after a wave of stops were triggered in the euro's grind higher.
Despite Friday's rebound, investors preferred the relative safety of the U.S. dollar and the Japanese yen as worries about Europe persisted after Moody's cut the credit ratings of 16 Spanish banks late on Thursday.
Some traders said investors were wary of placing bets ahead of the ...
Title:
Euro comes off 4-month low but worries remain
The euro rose from a four-month low against the dollar on Friday as investors pared bets against the single currency after a 4 percent drop this month but concerns about Greece and Spain were likely to keep it under pressure.
Technical support also helped, traders said, as the euro approached its January low of $1.2623. A break beneath that would opened the door to a slide toward the 2010 lows around $1.1875.
Despite Friday's gains, investors preferred the relative safety of the U.S. dollar and the Japanese yen as worries about Europe persisted after Moody's cut the credit ratings of 16 Spanish banks on Thursday.
Some traders had earlier said the euro's recent decline could slow, given investors may be wary of holding positions over the weekend when leaders of the G8 major industrial ...
Title:
Euro rallies from 4-month low but crisis remains
The euro rose from a four-month low against the dollar on Friday as investors pared bets against the single currency after a 4 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.
Despite Friday's gains, investors preferred the relative safety of the U.S. dollar and the Japanese yen. They were reluctant to increase risk exposure after Moody's cut the credit ratings of 16 Spanish banks on Thursday.
With no U.S. data to drive foreign exchange markets, investors are most likely to consolidate positions ahead of the weekend following days of euro losses.
"The biggest risk today is position squaring into the weekend; however there appears to be increasing evidence that the euro is likely to move lower in the days ahead," said Camilla Sutton, ...
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Gold erases early gains as euro weakens
Gold reversed course and edged down on Friday after posting its biggest daily rise in more than three months the previous session, as the euro weakened on mounting worries over the euro zone debt crisis.
The single currency dropped to a four-month low against the dollar as investors fretted about the possibility of Greece's exit from the euro zone and about Spain's banking sector after Moody's downgraded 16 Spanish banks.
Gold eased $1.45 to $1,571.80 an ounce by 0653 GMT, on course for a weekly fall of 0.6 percent - its third losing week in a row.
Gold rallied more than 2 percent on Thursday, its biggest one-day rise since January, supported by a decline in regional U.S. factory activity that fueled hope for more monetary stimulus.
U.S. gold for June delivery edged down 0.2 percent to ...
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Euro breakup would traumatize U.S.-Fed's Bullard
While a breakup of the euro zone would be devastating for the United States and for the world economy, the appeal of trade and currency ties will hold the currency union together, a top Federal Reserve official said on Wednesday.
"If there was a breakup of the euro I do think it would be a traumatizing event both for the United States and for the global economy," St. Louis Fed President James Bullard said in response to questions after a speech.
Bullard said he does not anticipate that, however.
"The trade union is considered a phenomenal success... the whole fabric of a tariff free area and a currency union will remain in place," he said.
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Pound Gains, Threatens Economy of UK
The Great Britain pound rose today as the safe haven role of the currency helped it to profit from speculation that Greece may leave the eurozone. The strength of the sterling caused worries that it may hurt the UK economy.
The pound gains appeal as the Swiss franc loses it due to the euro-peg. Economists are worried, though, that a strong currency may harm efforts to bring the United Kingdom out of recession. Ian Stannard, the head of European currency strategy at Morgan Stanley, explained:
The U.K. economic backdrop may not be brilliant, but it’s enjoying a haven status because of the political uncertainty in the euro zone. The advantage of sterling over a traditional haven like the Swiss franc is that its asset market is more liquid. The downside is that the strength of the pound ...
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Australian Dollar Falls as China Signals About Slowing Growth
The Australian dollar slipped, falling to the lowest level this year against its US peer, as negative macroeconomic data hurt prospects for Australia’s exports and general pessimistic sentiment on the Forex market reduced appeal of growth-related currencies.
The National Bureau of Statistics reported that China’s consumer price index fell from 3.6 percent in March to 3.4 percent in April, being in line with forecasts. Industrial production, on the other hand, frustrated forecasters, falling from 11.9 percent to 9.3 percent, while an increase to 12.1 percent was predicted. Other fundamental reports, including retail sales, were also worse than expected. China is the main trading partner of Australia, therefore its fundamentals have a great impact on the Aussie.
The FX market in general ...
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Gold gains as euro lifts from 3-1/2 month low
Gold rose on Thursday after touching a four-month low in the previous session, as an uptick in the euro after Spain moved to clean up its banks and Europe's bailout fund approved a key payment to Greece took some pressure off prices.
While the euro zone debt crisis simmers, moves to address some of its problems temporarily improve investor appetite for assets seen as higher risk, like stocks and commodities, as well as the single currency.
Spot gold was up 0.4 percent at $1,597.33 an ounce at 09.42 a.m. EDT, after falling as low as $1,579.30 an ounce on Wednesday, its weakest since early January. U.S. gold futures for June delivery were up $3.80 an ounce at $1,597.90.
Prices have fallen 3 percent this week as concerns over the euro zone debt crisis pressured the euro and other risk ...
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Gold steadies as euro lifts from 3-1/2 month low
(Reuters) - Gold steadied in Europe on Thursday after falling to a four-month low in the previous session, as an uptick in the euro after Spain moved to clean up its banks and Europe's bailout fund approved a key payment to Greece took some pressure off prices.
While the euro zone debt crisis is continuing to simmer, moves to address some of its problems are improving appetite for assets seen as higher risk, like stocks and commodities, as well as the single currency.
Spot gold was at $1,589.40 an ounce at 05.26 a.m. EDT against $1,590.45 late on Wednesday, when it fell as low as $1,579.30 an ounce, its weakest since early January.
Prices have fallen 3 percent this week as concerns over the euro zone debt crisis pressured the euro and other risk assets. While investors bought gold as a ...
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