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Dollar Under PressureTitle:
China monetary tightening should continue: IMF
(Reuters) - China should keep tightening monetary policy to fight inflation pressures even as the pace of global growth shows signs of faltering, the International Monetary Fund's China mission chief said on Thursday.
"We still see growth as pretty healthy in China. We think the target they have for monetary growth this year is around 16 percent growth in M2, a pretty good level of monetary growth given the pace of growth in the economy," the IMF's Nigel Chalk, a senior advisor for Asia and the Pacific, told Reuters after a speech at the Asia Society in New York.
Europe's debt crisis and the slowing of the U.S. economy to the point where the risk of another recession has increased have raised expectations that China may delay its next tightening step or forgo an interest rate rise this ...
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U.S. debt panel meets for first time, vow compromise
(Reuters) - Members of a congressional "super committee," charged with finding at least $1.2 trillion in new deficit reductions, vowed to help get America's fiscal house in order when they met for the first time on Thursday.
The panel of 12 congressional Democrats and Republicans acknowledged they had a tough road ahead of them and must keep open minds to reach an agreement. They used the opening meeting to make brief statements and set rules for operating,
The committee has until only November 23 to grapple with divisive questions of whether to cut popular social safety net programs and whether wealthy corporations or individuals should be taxed more -- and it is doing so with the 2012 national elections coming into focus.
The two co-chairs tried to tamp down financial market ...
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Euro falls after ECB holds rates, stocks pare gains
(Reuters) - The euro fell further versus the dollar on Thursday after the European Central Bank kept interest rates on hold and traders bet that a monetary tightening cycle that kicked off five months ago has given way to a new phase of steady or even lower rates.
In London, the Bank of England also kept rates at a record low 0.5 percent for the 30th month in a row but held off increasing its asset buying program. That allowed the British pound to rise off eight-week lows hit earlier against the dollar.
European stocks gave up some gains after the ECB announcement while U.S. equity markets were poised to open flat after the previous session's 2.8 percent gains.
Markets had already firmly priced in an end to the ECB's rate hike cycle and the single currency could in fact get a lift if ...
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Euro slips as ECB seen signaling a pause
(Reuters) - The euro fell against the dollar on Thursday as investors struck a cautious tone with European Central Bank policymakers seen likely to change tack and flag a pause in the recent monetary tightening cycle.
The ECB left rates on hold at 1.50 percent as expected, with the market betting that ECB president Jean-Claude Trichet would strike a more dovish tone in a press conference at 1230 GMT.
But analysts said the single currency could get a brief lift if Trichet quashes the possibility of rate cuts later in the year, which are priced into money markets, though concerns about a worsening euro zone debt crisis will keep investors inclined to sell the currency on dips.
"We could see a bounce in the euro as pricing in for rate cuts in October is a bit far-fetched. But any lift is ...
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Dukascopy Morning Forex Overview : 08/09/2011
Fundamental market overview
EUR
Jyrki Katainen, Prime Minister of Finland, told the country may not participate in second Greek bailout if the nation's demand for collateral in exchange for financial aid for Greece is not met. Such an outcome "remains a possibility," Katainen told reporters on Wednesday. "It depends on the collateral issue."
USD
Charles Evans, President at Federal Reserve Bank of Chicago, said the U.S. economy need more stimulus and low interest rates to curb unemployment to 7.5%, down from 9.1% at present. Inflation must be capped at 3%.
GBP
Month on month house prices declined by 1.2% in August to an average of ВЈ161,743, compared to July, estimated the Halifax Bank of Scotland on Wednesday. Economists expected the prices to rise 0.5%.
CHF
"We will see ...
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ECB expected to shift to neutral stance
Morning Briefing : ECB expected to shift to neutral stance
What's new:
Forex: Euro hovering near 2-month low, Aussie under pressure after weak jobs data
Global Markets: US stocks snap 3-day losing streak; Japan pares gains after Australian jobs data
Australia: Employment drops against market expectations
Germany: Finance minister Schaeuble says Greece must meet conditions euro zone membership
Euro zone: ECB expected to halt rate hiking cycle, seen neutralizing policy
United Kingdom: BoE interest rate decision today at 13:00 CET
United States: Fed Chairman Bernanke to speak at 19:30 CET
Forex rates in Asia and Indices:
EUR/USD: 1.4100 - 1.4051
USD/CHF: 0.8613 – 0.8574
GBP/USD: 1.5993 - 1.5928
USD/JPY: 77.42 – 77.22
EUR/CHF: 1.2123 – 1.2074
EUR/JPY: 109.03 – 108.72
DowJones: 11'414.86 +2. ...
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World stocks, euro rise on German ruling; gold slides
(Reuters) - World stocks and the euro rallied on Wednesday and gold slid from a record high as a court ruling supported the German government's efforts to bail out the crisis-stricken euro zone.
The European debt crisis has grown more fraught in recent weeks and efforts within Germany to stop Europe's largest economy from helping to stabilize the region have pressured risky assets such as stocks.
The ruling from its top court cleared the way for Germany to contribute more to the euro zone's rescue fund. But it also gave the country's parliament a greater say over bailouts, which could potentially hamper Germany's ability to act decisively if the debt crisis worsens.
"The message seems to be that while a resolution to the issues in Europe is not immediate, this shows that they seem to be ...
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Dollar Drops as Optimism Improves in Markets
Optimism spread through global financial markets on Wednesday, where traders were optimistic after Italy announced new austerity measures, which eased concerns from the European debt crisis, while news emerged that Obama is set to announce a new stimulus plan to support the labor market, where reports suggested the stimulus could reach $300 billion.
Meanwhile, the Bank of Canada left the benchmark interest rates unchanged at 1.00 percent in line with expectations, as the BOC signaled prices pressures remain well under control, while also confirming that the strength of the Canadian dollar continues to put downside pressures on economic growth.
The U.S. dollar index, which measures the performance of the USD against a basket of major currencies including the Euro, the Pound, and the Yen, ...
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Gold sheds 3 percent in choppiest day in two weeks
(Reuters) - Gold prices fell by nearly 3 percent in Europe on Wednesday after a sharp rally in stock markets prompted nervous investors to cash in gains after the precious metal's rally to record highs in the previous session.
Gold was set for its most volatile day in two weeks, with price swings of nearly $80, just shy of late August's $104 difference between session peaks and troughs.
By 9:45 a.m. EDT, spot gold was down 2.8 percent at $1,812.89 an ounce. It rallied to a record $1,920.30 a day ago, but dropped after the Swiss National Bank intervened to weaken the franc, shaking up financial markets.
U.S. blue chip stocks rallied by nearly 1 percent in early Wall Street trade, echoing the strength in global equities, after Germany's highest court paved the way for Berlin to continue ...
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