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Caught Many In The MarketTitle:
Safe-Haven Dollar
Forex News and Events:
Friday’s trading session was mostly uneventful with all the focus shifted to Facebook’s IPO. Many markets that had been freefalling these last two weeks caught a breather, with gold, silver, and the EUR gaining 1.12%, 2.57% and 0.63% respectively against the USD. The reversal has been attributed to a weak Philly Fed reading on economic activity in a sign that the world’s reserve currency is riskier than panicked markets are pricing. The weak number raised speculation over a new round of interventions from the part of the Fed in order to boost its economy. WTI however, was not able to profit from this reversal as it dropped to a six-month low before closing at 91.33. A 22-year high in inventory levels for the US could explain the decoupling of oil from the rest of ...
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Gold touches 4-1/2 month low as euro retreats
Gold eased below $1,560 an ounce on Tuesday after the failure of Greek politicians to form a government sent the single European currency to four-month lows and unnerved investors over the profitability of holding euro-denominated assets.
With gold's decline to its lowest since late December, consumers in top purchasing-nations such as India have delved into the market, which analysts said could protect the bullion price from a more protracted decline.
Gold remains vulnerable, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was down 0.1 percent at $1,555.69 an ounce at 1350 GMT, while U.S. gold futures for June delivery were down $8.70 an ounce at $1,552.10.
Gold earlier hit its lowest since December 30 at $ ...
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Copper slips on weak euro, China demand concerns
(Reuters) - Copper fell on Wednesday after weaker EU and Chinese manufacturing data and a slump in new orders for U.S. factory goods raised fresh concerns about economic slowdown and prospects for demand.
A weaker euro also took its toll as a stronger dollar puts pressure on metals prices as it makes commodities priced in the U.S. unit more expensive for holders of other currencies.
The euro fell against the dollar after data showed the euro zone manufacturing sector slipped further into decline last month as a downturn that started in the periphery appears to be taking root among core members France and Germany.
Benchmark copper on the London Metal Exchange (LME) was at $8,295 a metric ton (1.1023 tons) by 1502 GMT, from Tuesday's close of $8,440.
It hit a session low of $8,275 a ...
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EUR - Preview: If ECB Provides No Silver Bullets, EUR Likely to Extend Decline
EUR - Preview: If ECB Provides No Silver Bullets, EUR Likely to Extend Decline
Release: ECB Interest Rate Decision
Consensus Forecast: 1.0%
Previous: 1.0%
Date/Time: 05/03/12 7:45AM EDT (11:45 GMT)
Release: ECB President Draghi Press Conference
Date/Time: 05/03/12 8:30AM EDT (12:30 GMT)
Can ECB Offer Any Help to Euro-Zone Economy Seeing a Deepening Recession?
The European Central Bank decision comes amid increasing signs that the recession seen in the economic bloc is deepening. Data from Italy showed unemployment rate at its highest in the euro era, Germany unexpectedly added more unemployed, and the overall euro area saw its unemployment rate rise to 10.9%.
The final version of the manufacturing PMI showed weakness across the board and has increased concerns that austerity measures ...
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Dollar bounces back on U.S. manufacturing surprise
(Reuters) - The dollar bounced back on Wednesday from 2-1/2-month lows against the Japanese yen after upbeat U.S. manufacturing data soothed fears the economy was slowing, though gains were minimal ahead of the next set of figures including payrolls.
The Institute of Supply Management report showed the strongest rate of U.S. factory growth in 10 months, a surprise after a string of disappointing data and countering speculation the Federal Reserve will embark on a third round of bond buying to bolster the economy.
"After the surprisingly strong ISM number, the next job data will be more important than usual. If it is strong, it could cement expectation of strong recovery at least in the United States," said Mitsuru Saito, chief economist at Tokai Tokyo Securities.
The payroll data is due ...
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Dollar jumps vs euro, yen after U.S. factory data
(Reuters) - The dollar rose from a one-month low against the euro and a 2-1/2-month trough versus the yen on Tuesday in thin trading, after a key U.S. manufacturing gauge showed factory activity unexpectedly picked up last month, offsetting recent weak economic reports.
The Institute for Supply Management's factory data was one of the rare instances of positive U.S. economic news in recent weeks. Traders used the stronger-than-expected ISM manufacturing report to rebuild long dollar bets that had grown stale as the economy's outlook weakened.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX strategy for North America at Wells Fargo in New York. "ISM suggests there's no real reason to get ...
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Dollar turns higher vs euro, yen after ISM report
(Reuters) - The dollar rallied from a one-month low against the euro and a 2-1/2-month trough versus the yen on Tuesday in thin trading, after a key U.S. manufacturing gauge showed factory activity unexpectedly picked up last month, offsetting recent weak economic reports.
The U.S. Institute for Supply Management's data was one of the rare instances of positive U.S. economic news in recent weeks and traders used this to rebuild long dollar bets that had grown stale as the outlook for the economy weakened.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX strategy for North America at Wells Fargo in New York. "ISM suggests there's no real reason to get too concerned about the path of the U.S. ...
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Dollar slides vs euro, yen; Aussie dollar tumbles
(Reuters) - The dollar fell to a one-month low against the euro and to a 2-1/2 month trough against the yen on Tuesday in thin trading, weighed down by recent weak U.S. economic data that has rekindled speculation about a further round of monetary easing.
The Australian dollar, meanwhile, fell sharply after the Reserve Bank of Australia slashed rates by a deeper-than-expected 50 basis points.
A sharp fall in business activity in the U.S. Midwest and other data on Monday showing Spain was in recession dented investor appetite for risk and supported the safe-haven yen, which also rose against the broadly weaker Aussie dollar.
"Investors have focused on the recent spell of soft U.S. economic reports, which have added to the case for additional Fed easing in the months ahead -- a decidedly ...
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Growth worries mount, sending the dollar lower
(Reuters) - World shares eased and the dollar hit a two-month low against the Japanese yen on Tuesday, after signs of recovery in China's vast factory sector failed to offset worries over the health of the global economy and the euro zone crisis.
But activity was limited with many markets in Asia and Europe closed for the May Day holiday.
The MSCI's world equity index .MIWD00000PUS was down just 0.1 percent to 328.40, as it added to losses of about 1.5 percent in April. The stronger yen hit Japan's export-related equities, sending the Nikkei index .N225 to a 2-1/2 month closing low.
"In general, stock markets and risk assets seem to be extremely resilient in the face of the news flow which has undoubtedly been in the more negative nature," James Ferguson, strategist at Westhouse ...
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