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Dollar hits 3-month high on yen as Tokyo steps in
(Reuters) - The dollar leapt against the yen by the most in three years on Monday, hitting a three-month high after Japan stepped into the market to curb the yen's rise, although traders doubted the move would have a long-lasting impact.
The greenback, recently softened by speculation of more easing by the Federal Reserve, spiked more than 4 percent to 79.55 yen, after hitting another all-time low of 75.31 yen on EBS early in Asian trade.
The dollar was stuck at 79.20 yen for more than two hours after the intervention due to a large bid at that level, prompting traders to speculate that Japan might want to set a Swiss-style floor for the dollar/yen rate.
But when the Swiss central bank set a floor for its currency against the euro in September, Japanese officials said Japan's economy ...
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Euro eases after rally, more short-term gains eyed
(Reuters) - The euro came off a seven-week peak on Friday as investors took a breather after a huge relief rally in riskier assets following a deal on Europe's debt crisis, though investors were eyeing more short-term gains in the currency.
The deal included an agreement that private banks and insurers would accept 50 percent losses on their Greek debt holdings, leveraging of the EU bailout fund and recapitalization of its banks.
While the agreement is unlikely to solve all Europe's financial problems, the clear signs of progress, combined with healthy U.S. third-quarter GDP, changed the outlook for the dollar to strongly bearish and to more upbeat for riskier currencies.
Traders said funds that had been underweight risk in the past few months piled back into markets for fear of missing ...
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US Home Sales Signal Market Expansion
Data from the American housing market yesterday also indicated a positive message as new home sales jumped, representing an expanding market in consumer spending, mortgages and bank lending.
Economic News
USD - US Dollar Trading Mildly Bearish, Movement Restrained
The US dollar (USD) was seen trading mildly bearish early Thursday as traders viewed data on housing and manufacturing as a sign of potential bullishness in global markets. The sudden jolt to risk appetite generated by such movement pushed down on the greenback, but seems to have lifted ahead of a string of reports out of the US today which could reverse much of the markets recently acquired short-term stability.
Data from the American housing market yesterday also indicated a positive message as new home sales jumped, ...
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CB Consumer Confidence Report on Tap Today
Data on American consumer confidence from Conference Board, Inc., (CB) today may indicate mild optimism that could drive the greenback lower in the short-term. Recent news has done little to alter the current direction of the forex market, though news could hold values steady should they come in near forecasts.
Economic News
USD - US Dollar Moves Higher ahead of EU Summit
The US dollar (USD) was seen trading mildly bullish early Tuesday morning as investors seemed somewhat more pessimistic about growth in the American economy and weary of major financial moves ahead of the EU Summit this week. Sentiment does not seem to be as stable as many economists would like, though, as investment does seem to be shifting back into safe haven assets like the greenback.
Data on American consumer ...
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YouTradeFX Daily Market Analysis : 24/10/2011
EUR/USD
This week, on Thursday, the quarterly U.S. GDP estimation will be published. U.S. economy is expected to accelerate further in the second half of 2011; I can only estimate that this figure is of high importance as for the future. If deemed, it is more than likely that a third purchases from the Federal Reserve will take place in order to accelerate the economy. Volatility will surly keep until the end of the month as the mood in the markets will be affected by the news from Europe and ways of dealing as to resolve the debt issue.
GDP estimation for the third quarter is to be published this week as well as other important data like consumer confidence, new home sales and new orders of sustainable manufacturing products. Many senior in the central bank were to speak and give ...
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Commodity traders: The trillion dollar club
NEW YORK (Reuters)- For the small club of companies who trade the food, fuels and metals that keep the world running, the last decade has been sensational. Driven by the rise of Brazil, China, India and other fast-growing economies, the global commodities boom has turbocharged profits at the world's biggest trading houses.
They form an exclusive group, whose loosely regulated members are often based in such tax havens as Switzerland. Together, they are worth over a trillion dollars in annual revenue and control more than half the world's freely traded commodities. The top five piled up $629 billion in revenues last year, just below the global top five financial companies and more than the combined sales of leading players in tech or telecoms. Many amass speculative positions worth ...
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Euro dips, nerves frayed ahead of weekend summit
(Reuters) - The euro slipped on Friday and was vulnerable on the downside as edgy investors sought to minimize exposure heading into the weekend on fading expectations that European leaders will be able to resolve the region's debt crisis on Sunday.
The common currency was lower against the safe-haven Japanese yen and Swiss franc as deep divisions between France and Germany over the best way to bolster the regional bailout fund's firepower weighed on sentiment.
Failure to agree on leveraging the EFSF will hurt confidence in the euro zone's ability to tackle its debt crisis after nearly two years of trying to get on top of a problem that started in Greece and now threatens to engulf Italy, Spain and even France.
Some investors are expecting European leaders will make progress at Sunday's ...
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Nervous euro clings to gains, outlook brittle
(Reuters) - The euro on Friday clung to gains eked out in volatile overnight trade but looked increasingly vulnerable as European leaders remained deeply divided ahead of a weekend summit on the region's debt crisis.
The euro, last at $1.3786, has kept well off its nine-month low hit in early October, however, despite a widening in spreads on yields between safe-haven German Bunds and other European countries.
Traders said this meant investors were trying to keep positions close to neutral heading into the summit, on the off chance that the EU manages to come up with a credible plan to resolve the crisis, and added that selling pressure will likely re-emerge "the minute the summit is over."
As an example of such nervous positioning, they cited a move in the dollar and the euro, which ...
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Banks unconvinced by new EU trading platform plan
(Reuters) - European Union plans to radically reshape derivatives and share trading lack clarity and fail to understand how banks operate, top trading firms said on Thursday.
The EU's executive, the European Commission, on Wednesday unveiled a draft law to update its securities rules, known as the Markets in Financial Instruments Directive (MiFID).
The draft includes a new category of platform, known as an organized trading facility (OTFs), and is designed to shine a light on the murky world of "dark pools," also known as systematic internalizers, the private and anonymous trading venues owned by banks, and clarify how banks use client trades.
"The regulators are creating a new category of OTF to split client business from prop (proprietary trading) business, but this is a grey area," ...
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