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Keeping The Dollar Under PressureTitle:
Oil heads for weekly gain as central banks calm markets
(Reuters) - Oil was headed for a weekly gain on Friday after central banks launched coordinated action to boost European bank funding, easing concern about falling oil demand from industrialized consumers.
Brent crude gained 50 cents to $112.80 by 2:38 a.m. ET, with the November contract up 1.7 percent this week. U.S. crude shed 1 cent to $89.39, up 2.7 percent this week.
U.S. Treasury Secretary Timothy Geithner holds talks with European finance ministers on the possibility of leveraging the euro zone's bailout fund to help resolve the debt crisis.
Industrial output in top oil consumer the United States edged higher in August and consumer prices rose more than expected, reinforcing expectations the Federal Reserve would offer only modest stimulus measures.
"Fundamentals don't look too ...
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Euro edges up but clouded by downside risks
(Reuters) - The euro edged up on Thursday thanks to assurances from Germany and France about keeping Greece in the euro, but the single currency looked set to stay weak on worries that Athens will eventually have to default on its debt.
Market players are concerned that a default in the euro bloc could unleash a major financial crisis and they remain ready to sell the currency and riskier assets into any rally.
The cost of insuring Greek debt against default remained at extreme levels on Thursday.
The euro was up 0.3 percent on the day around the day's highs at $1.3793. Wednesday's joint statement from Germany and France bolstered hopes that Greece will receive the next tranche of aid from the EU/IMF and avoid an immediate default.
"The comments from (German and French leaders) Merkel ...
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US Data Set to Dominate Thursday's Market
With another unusually intense news day ahead, traders are anxiously awaiting the large string of reports out of the US which should clear up the picture somewhat in regards to inflation, manufacturing, and industrial production. The Current Account will also be published, though its impact is not expected to be as high as the manufacturing reports out of New York and Philadelphia. Traders should look towards another bullish day on the dollar should news continue to disappoint.
Economic News
USD - USD Still Bullish as Retail Sales Disappoints
The US dollar (USD) was still seen trading bullish Wednesday after retail sales reports out of the United States disappointed many investors and drove trades towards safe haven assets. A sudden wave of risk aversion seems to have helped the ...
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Gold falls after EU debt plan feeds risk
Gold fell by nearly 1 percent on Wednesday after European leaders appeared to take a fresh step toward quelling the euro zone debt crisis, which dented other safe-haven assets, in spite of more data highlighting the fragility of the U.S. economy.
Gold priced in euros also came under pressure from the pick-up in the single European currency but remained within less than 2 percent of record highs struck the day before.
European Commission President Jose Manuel Barroso said the group would examine how the euro zone could issue bonds jointly, which investors took as a step toward solving the debt crisis, but he added this would be no magic bullet to the end of the problem.
Equity markets on both sides of the Atlantic rose following Barroso's comments, which weighed on gold and other safe- ...
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Gold falls but cushioned by euro zone fears
Gold fell on Tuesday after the European Commission said it would soon present options on how the euro zone might issue bonds jointly, which boosted equities and other riskier assets in what investors took as a step in quelling the debt crisis.
Gold priced in euros also came under pressure from the pick-up in the single European currency but remained within less than 2 percent of record highs struck the day before.
European Commission President Jose Manuel Barroso said the group would examine how the euro zone could issue bonds jointly, but added this would be no magic bullet to the end of the crisis.
Barroso's comments weighed on gold and other safe-havens such as German government bonds, but analysts said that with no immediate solution to the crisis in sight, the bullion price would ...
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Euro edges higher vs dollar, but downtrend intact
(Reuters) - The euro edged higher from a seven-month trough against the dollar on Tuesday, helped by a rebound in equity prices, but the lower trend looked to remain as Europe's debt crisis worsened.
The yen advanced against both the dollar and euro, keeping alive the possibility of intervention by Japan to weaken its currency. The yen has been the primary beneficiary of safe-haven flows lately after the Swiss National Bank took aggressive actions to weaken the Swiss franc.
France on Tuesday confirmed a report that Greek, German and French leaders would hold a conference call on Wednesday. The news, combined with a recovery in French bank shares, boosted the euro.
But few investors believed the currency's rebound would be sustained after a disappointing Italian debt auction in which ...
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Euro falls to 10-year low versus yen as Greek woes mount
(Reuters) - The euro fell to a seven-month low against the U.S. dollar and a 10-year trough versus the yen on Monday, hurt by fears of a Greek default and the risk of contagion engulfing the region's banking system and larger economies.
The yen was a big beneficiary of safe-haven inflows, keeping alive the risk of intervention by Japanese authorities.
The Australian dollar, sometimes seen as a barometer of market players' risk appetite, tumbled 1.6 percent to a one-month low, as investors fretted that the global economy will be dealt a severe blow if the euro zone's debt woes deepen.
Italian and Spanish yields rose, widening their spreads over German Bunds, while European stocks and banking shares fell, highlighting how brittle investor confidence was in euro zone assets.
The common ...
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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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Swiss franc dives as SNB shocks with euro target rate
(Reuters) - The Swiss franc plummeted versus the euro and dollar on Tuesday, after Switzerland's central bank shocked markets by setting a floor for the euro/Swiss exchange rate in an effort to curb franc strength which has taken a toll on the economy.
The euro rocketed nearly 0.1 francs after the Swiss National Bank set a rate target of 1.20 francs to the euro and said it would enforce it by buying foreign currency in unlimited quantities.
However, many analysts questioned whether the move could succeed given the robust demand for safe-haven assets that drove the franc to record highs last month.
Within minutes of the announcement, the euro leapt to 1.22 francs on trading platform EBS, its highest since early July and up 10 percent on the day. It pulled back to 1.2040, but was still on ...
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