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Japanese Yen RoseTitle:
Euro dips but off recent 7-week low, yen falls
(Reuters) - The euro eased against the dollar on Friday, but held on to much of the gains it made the previous day after some weak U.S. economic data underscored expectations that the Federal Reserve will keep interest rates near zero for a while.
The dollar struggled to regain ground after taking a hit on Thursday from data showing a slowdown in manufacturing growth in the U.S. Mid-Atlantic region and an unexpected fall in existing home sales in April.
Lingering concerns about the possibility of debt restructuring in Greece, however, could help limit the euro's gains against the dollar, market players said.
"This is probably a temporary rebound (in the euro). I personally think it wouldn't be a surprise if the euro were to head down toward below $1.40," said Daisuke Karakama, market ...
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Did President Obama's Mideast Policy Speech Chill USD Values?
A speech delivered by President Barack Obama yesterday regarding US policy in the Middle East caused a stir in late-session trading. Though his position appeared moderate, even standoffish in its approach to the ‘Arab Spring,' many have criticized Obama for his missed opportunity in addressing other major concerns. It is difficult to state whether this had a chilling effect on the US dollar in today's trading or not, but spectator sentiment appears to have viewed the speech with doubt and consternation.
Economic News
USD - US Dollar Mixed as Traders Eye Manufacturing and Housing Data
Poor economic data out of the United States continued to weigh on the US dollar yesterday as investors continued to eye the interest rate differentials between the US and Europe. The soft data has ...
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Euro extends gains on signs of life in commodities
(Reuters) - The euro extended its recovery from a seven-week low hit earlier in the week and the dollar came under broad selling pressure on Thursday as market players judged that commodity prices have steadied after weeks of decline.
The dollar briefly scaled a three-week high against the yen on rebounds in U.S. bond yields after the minutes of the Federal Reserve's April meeting were released, but it failed to maintain gains as rising risk appetite hit the U.S. currency.
"I think there's a growing perception that the adjustment (in commodities) in the last three weeks is over. Various accounts, including hedge funds, are now rebuilding their positions," said a Japanese bank trader.
The euro gained 0.3 percent to $1.4292, rising above a 23.6 percent retracement -- at around $1.4260 -- ...
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Yen Loses Strength on Poor GDP, Rebound of Stocks & Commodities
The Japanese yen fell today as commodities and stocks recovered, decreasing demand for the currency as a safe haven, while the nation’s economy continued to weaken.
The Thomson Reuters/Jefferies CRB Index of raw materials rose 2.3 percent yesterday, posting the first gain in four sessions. Japan’s Nikkei 225 Stock Average gained 0.3 percent today.
Japans gross domestic product shrank 0.9 percent last quarter, according to the preliminary estimate of the Cabinet Office, following the decline by 0.8 percent in the previous three months. Analysts predicted a smaller decline of 0.5 percent. The worsening of the economy was attributed to the earthquake in March.
USD/JPY traded at 81.63 today as of 1:14 GMT, following advance from 81.39 to 81.67 on the previous trading session. EUR/JPY rose ...
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Dukascopy Morning Forex Overview : 19/05/2011
Previous session overview
The euro rose against the dollar and yen in Asia Thursday as higher oil prices buoyed some regional bourses to the benefit of the risk-sensitive common currency, as investors brushed off weaker-than-expected Japanese gross domestic product data.
In morning trade in Tokyo, the common currency rose to USD1.4308 it's highest in nearly a week. At 0450 GMT it traded hands at USD1.4294, up from USD1.4250 late Wednesday in New York. The euro was at JPY116.58 compared with JPY116.39. The ICE Dollar Index, which tracks the greenback against a basket of currencies including the euro, was at 75.179 from 75.375.
At 0450 GMT, the dollar was at JPY81.55 compared with JPY81.68 late Wednesday in New York.
Japan's economy contracted at an annualized 3.7% in the January-March ...
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Strauss-Kahn Affair Looms over European Finance Meeting
Looming over the current ECOFIN meetings in Brussels, Belgium, is the arrest of Dominique Strauss-Kahn (also referred to by the media as DSK) regarding an alleged attack on a hotel maid while on a trip in New York City. Strauss-Kahn is currently serving as the Managing Director of the IMF and is a member of the Socialist Party of France. Many forex traders had assumed the current finance meetings would provide perspective into the region's debt woes, but this media distraction has many large investors looking for safety instead of higher yields, creating a range-trading behavior for the EUR.
Economic News
USD - US Dollar Mixed as Traders Eye Manufacturing and Housing Data
The US dollar was trading with mixed results yesterday after traders began to hedge on their euro positions given ...
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Euro regains footing but debt concerns weigh
(Reuters) - The euro was buoyant against the dollar on Wednesday after recovering from a seven-week low earlier in the week, but wariness over Europe's sovereign debt problems kept investors nervous about piling up euro positions.
The euro drew support from a recovery in oil prices and precious metals, while a downward trend in U.S. Treasury yields weighed on the dollar.
"The euro is still in a correction phase after recent declines. It has the potential to advance toward $1.43-$1.44 on hopes for more buybacks by foreign investors," said Hideki Amikura, a forex manager at Nomura Trust and Banking.
"But the euro could lose ground again once rounds of corrective buying are over," Amikura said.
The euro rose 0.3 percent to $1.4275, breaking through the previous day's high after slumping ...
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USD Decline Persists for Second Consecutive Day
The US dollar opened this week moderately stronger versus the euro Monday as traders continued last week's shift into safer assets. As of late trading Monday, however, the EUR/USD pair shifted back into a bullish posture as traders turned their focus to the interest rate differentials between the Atlantic states. After briefly touching 1.4050, the pair found support and is currently moving towards 1.4300.
Economic News
USD - US Dollar Continues Yesterday's Slide
The US dollar opened this week moderately stronger versus the euro Monday as traders continued last week's shift into safer assets. As of late trading Monday, however, the EUR/USD pair shifted back into a bullish posture as traders turned their focus to the interest rate differentials between the Atlantic states. After briefly ...
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Dollar Rise against Majors on Rising Risk Aversion
The U.S. dollar rose against majors slightly on Tuesday, where worse than expected data from the U.S. housing and industrial sectors spread pessimism across global financial markets, while the uncertainty over the European debt crisis boosted refugee for low yielding investments including the U.S. dollar.
Commodities dropped as fears over the recovery in the United States were boosted by worse than expected housing starts and building permits in April, in addition to the industrial production index, which was flat in April.
Investors meanwhile are still concerned with the European debt crisis, since the situation remains unclear with suggestions from the chairman of the euro zone finance minister, Jean-Claude Junker that Greece could go into what he called a “soft restructuring.”
The U. ...
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