Sterling hits the day's high against the dollar and the euro on octo.26 Tuesday after strong economic growth data and a vote of confidence in the Govt's management of economy.From the rating agency S&P the UK economy grow 0.8% in July-Sept.2010. It dampened the speculation that the Bank of England may soon
implement quantitative easing.
Euro- dipped 0.1% to $1.3945 after fully close above $1,400 on Monday (Octo.25).The euro has support
at around 1.3860 its low last Friday and 21st day moving average $1.3866.Macro funds had trimmed some
of their short dollar position as they waited to see how the G-20 currency debate shaped up.
Indian rupee- The Indian rupee eased on 26 Octo. tailing losses in the other Asian currencies and choppy
domestic share market that failed to provide direction.Coal India's $3,5billion Ipo power to price the issue
at the top of its range and building momentum for other state offers. The world's largest coal miner
would begin to refund excessive subscription for the IPO which had an instituional orders book of about $27
billion powered by foreign funds by late October or November and traders expect the rupee to weaken at
that time.
Friday, October 29, 2010
Gold edges lower as dollar stands firm
Gold edged lower in Europe two days back as the dollar firmed a touch. But held near $1,340 an ounce as investers waited for US data on monetary easing in the US. The Federal reserve meeting could have signifi-
cant impact on dollar.The Federal reserve to discuss whether to extend its quantitative easing policy to accelerate growth.
Spot gold was bid at $1,335.17 an \ounce against $1,338.80 late on Monday.US gold futures for December delivery eased $3.30 an ounce to $1,335.50. In early days this month gold price hit $1,387.10
retreated as investors worried that they had too heavy priced in expected monetary easing from the Fed.
Gold typically falls as dollar rises and vice-versa with strength in the US unit curbing gold's appaeal as an
alternative asset and making dollar priced commodities more expensive for holders of other currencies.
The dollar firmed 0.2% against a basket of currencies on Tuesday as market participants ponders over
the quantitative easing the Fed would opt for. The dollar gained against Yen following remainders from Japanese officials about the possibility to curb Yen strength.The US currency against the euro struck below
$1.40 as market participants pondered over the monetay policy the Fed. would opt for
cant impact on dollar.The Federal reserve to discuss whether to extend its quantitative easing policy to accelerate growth.
Spot gold was bid at $1,335.17 an \ounce against $1,338.80 late on Monday.US gold futures for December delivery eased $3.30 an ounce to $1,335.50. In early days this month gold price hit $1,387.10
retreated as investors worried that they had too heavy priced in expected monetary easing from the Fed.
Gold typically falls as dollar rises and vice-versa with strength in the US unit curbing gold's appaeal as an
alternative asset and making dollar priced commodities more expensive for holders of other currencies.
The dollar firmed 0.2% against a basket of currencies on Tuesday as market participants ponders over
the quantitative easing the Fed would opt for. The dollar gained against Yen following remainders from Japanese officials about the possibility to curb Yen strength.The US currency against the euro struck below
$1.40 as market participants pondered over the monetay policy the Fed. would opt for
Saturday, October 2, 2010
Euro at five months high against the dollar
Currency analysis- The euro powered ahead fuelled by optimism in eurozone debt markets and by a significantly weaker dollar .As the Eurozone govts debt auctions continued last week euro outperformed strongly with the sale of 4 and 10 year bonds in Portugal. Even if the sale did not rise as expected, senti-
ments toward eurozone periphery continued well. The euro hit a five months high of $1.3411 as investors
considered a likelihood of and timing of first round of quantitative easing in the US.It was up 1% at 1.3396.
Following the weaking of dollar in recent sessions,it weakened by 0.3% to $1.5678 against pound and
0.6% to Y84.55 against the Yen. However the currency dollar strong against canadina dollar by 0.3% to
C1.0297 and the Australian dollar was flat at $0.9555.
The gain registered by euro against the dollar reveresed after two days due to concern about euro zone
banking sector. Valentin Marinov of Citibank pointed out that liquidity needs have grown of late May.
put pressure on Euro.Market analysis suggested that euro's recent rise against the dollar might further to
go. Data analysts further go to the fact that speculators were shifted to long position in the euro first time
from Dec-2009. The euro after hitting high of $1.3506 against dollar slashed to $1.3477 (down by 0.1%)
The euro also fell by 0.1% against Japanese Yen(Y113.49)and lost 0.3% to pound 0.8502.
The Swiss frank eased to 0.1% to Sfr 0. 09842against the dollar. This retreat came following swiss SNB's
comment that Swiss economy could see a slowdown.The Swiss National Bank forsees a deflationary
pressure in the coming year against that the euro is in the process of bottoming out against the swiss franc.
ments toward eurozone periphery continued well. The euro hit a five months high of $1.3411 as investors
considered a likelihood of and timing of first round of quantitative easing in the US.It was up 1% at 1.3396.
Following the weaking of dollar in recent sessions,it weakened by 0.3% to $1.5678 against pound and
0.6% to Y84.55 against the Yen. However the currency dollar strong against canadina dollar by 0.3% to
C1.0297 and the Australian dollar was flat at $0.9555.
The gain registered by euro against the dollar reveresed after two days due to concern about euro zone
banking sector. Valentin Marinov of Citibank pointed out that liquidity needs have grown of late May.
put pressure on Euro.Market analysis suggested that euro's recent rise against the dollar might further to
go. Data analysts further go to the fact that speculators were shifted to long position in the euro first time
from Dec-2009. The euro after hitting high of $1.3506 against dollar slashed to $1.3477 (down by 0.1%)
The euro also fell by 0.1% against Japanese Yen(Y113.49)and lost 0.3% to pound 0.8502.
The Swiss frank eased to 0.1% to Sfr 0. 09842against the dollar. This retreat came following swiss SNB's
comment that Swiss economy could see a slowdown.The Swiss National Bank forsees a deflationary
pressure in the coming year against that the euro is in the process of bottoming out against the swiss franc.
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