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Gold falls from record after Swiss peg franc
(Reuters) - Gold fell from record highs on Tuesday, after Switzerland's decision to peg its currency to the euro shook financial markets and battered the franc, putting the price of bullion in Swiss francs on track for its largest daily gain in three years.
The Swiss National Bank said on Tuesday it would set a minimum exchange rate target of 1.20 francs to the euro and would enforce it by buying foreign currency in unlimited quantities.
The Swiss franc tumbled by more than 7 percent against the dollar and by more than 8.5 percent against the euro. Gold priced in the Swiss currency rose by more than 7 percent, and was set for its biggest daily gain since mid-September 2008, when the global credit crunch intensified, prompting the U.S. Federal Reserve to halve rates to 1.0 percent.
Spot ...
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Swiss draw line in the sand to weaken franc
(Reuters) - The Swiss National Bank shocked foreign exchange markets by setting a minimum exchange rate target of 1.20 francs to the euro on Tuesday, knocking back a currency rally which has threatened its economy with recession.
Using some of the strongest language by a central bank in the modern era, the SNB said it would buy other currencies in unlimited quantities and use all means within its power to hold to the target.
The move immediately knocked around 8 percent off the value of the franc, which has soared by a third since the collapse of Lehman Brothers in 2008 as investors used it as a safe haven from the euro zone's debt crisis and stock market turmoil.
"The current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a ...
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Swiss strike blow against fear flows
(Reuters) - Switzerland's central bank turned the tables on Tuesday on investors who have driven up the franc, sinking it nearly 9 percent to the euro, while European stocks eked out some gains after sharp losses a day earlier.
Wall Street, however, looked set to open lower in its first trading day since Friday's moribund U.S. jobs report.
Core German debt yields stayed near historic lows, well below 2 percent, signaling a frenzied search for safety was undisturbed.
European banking stocks, battered by fears of exposure to both euro zone peripheral debt and a U.S. lawsuit over mortgage-backed securities, recovered some poise after a near 6 percent loss on Monday.
The Swiss National Bank's move to intervene directly in markets went some way to reversing one of the recent major trends -- ...
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Dollar slips against major currencies in a correctional movement
The dollar slipped against the euro and other major currencies early Tuesday in a correctional movement, as investors trying to take some profit ahead of GDP data from the European region and service sector data from the U.S. economy.
The euro advanced against the U.S. dollar during today's Asian session. The EU currency is trading as of this writing at 1.4178 after recording the highest of 1.4253 and the lowest of 1.4037. On the short term the currency faces a resistance at 1.4260 while the momentum indicators show the pair is trading in an oversold area.
The pound increased against the U.S. dollar during today's Asian session touching the highest of 1.6182, after it recorded the lowest of 1.6064, and as of this writing it is trading at 1.6130. On the short term the currency faces a ...
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Euro area growth slows to 0.2% in the second quarter on sharp government spending cuts
Euro area second quarter GDP figures were unrevised as it showed an ease in expansion to 0.2% from the first quarter's expansion of 0.8%, in line with both estimates and advanced readings.
Yet, over annual basis, the euro zone expansion was downwardly revised to 1.6% compared with the advanced 1.7% and median estimates of 1.8%, while the first quarter's expansion was 2.5%.
Details showed that government expenditures contracted 0.2% compared with 0.4% expansion in the three months ended in March. Exports cooled to 1% from a 2% incline recorded in first quarter, whereas imports advanced 0.5% from 1.5% expansion a quarter earlier.
Growth in the 17-nation region was affected by the escalating debt woes, which prompted policy makers to launch severe austerity measures to trim the huge ...
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Brent rises above $110 on U.S. stimulus hopes
(Reuters) - Brent crude oil rose above $110 a barrel on Tuesday as expectations of a U.S. economic stimulus outweighed fears of recession and a worsening euro zone debt crisis.
ICE Brent futures for October climbed 85 cents to $110.93 a barrel by 0900 GMT (5 a.m. ET), after rising more than $1.
U.S. crude futures traded around $84.70 a barrel, down from Friday's close at $86.45. The contract had no settlement on Monday due to the U.S. Labor Day holiday.
Both crude contracts rose briefly after the Swiss National Bank set a minimum exchange rate target of 1.20 francs per euro, but then slipped back to their previous levels. The announcement depressed spot gold by 2 percent.
"Prices are being supported by hopes there will be another economic stimulus," said Carsten Fritsch, commodities ...
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Euro jumps, stocks retreat after Swiss move
(Reuters) - Switzerland's central bank stepped in to stop investors driving up the franc on Tuesday, sending the euro up nearly 9 percent and stifling a tentative European stock recovery from sharp losses a day earlier.
Core German debt yields, however, stayed near historic lows, well below 2 percent, signaling a frenzied search for safety was continue.
European banking stocks, battered by fears of exposure to both euro zone peripheral debt and a U.S. lawsuit over mortgage-backed securities, added to Monday's losses.
The Swiss National Bank whipped up the markets, saying it was setting a minimum exchange rate target of 1.20 francs to the euro that it will enforce by buying foreign currency in unlimited quantities.
The franc has soared against the euro and the dollar in recent months as ...
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SNB draws line in the sand to weaken franc
(Reuters) - The Swiss National Bank shocked foreign exchange markets by setting a minimum exchange rate target of 1.20 francs to the euro on Tuesday, saying it would enforce it by buying foreign currency in unlimited quantities.
The move immediately knocked around 8 percent off the value of the franc, which has soared as investors used it as a safe haven from the euro zone's debt crisis and stock market turmoil.
"The current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development," the SNB said in a statement.
"With immediate effect, it will no longer tolerate a EUR/CHF exchange rate below the minimum rate of CHF 1.20. The SNB will enforce this minimum rate with the utmost determination and is prepared to buy ...
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YouTradeFX Daily Market Analysis : 06/09/2011
www.youtradefx.com
S&P500
After three consecutive days of trading with falling prices, this morning's trading also opened with drops due to increased fears regarding a European debt crisis. During the day, the United States macro figures are due to be published. These could well influence the direction of trade. Tomorrow, the "Beige Book" should also be published with, in the background, the meeting of the Federal Reserve set for the 20th of September. The "Beige Book" provides a comprehensive review of the United States economy and includes figures from each of the 12 United States Federal Reserve regions.
The technical picture for the S&P 500 Index indicates that the index still has potential for further drops to the region of its previous two low points around the support level of ...
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