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Pound Falls to 2 1/2-Year Low Versus Dollar Before BOE Decision
businessweek.com
The pound dropped to its weakest level in more than 2 1/2 years versus the dollar before Bank of England policy makers announce their decision on whether they will add more stimulus to boost the U.K. economy.
The pound fell 0.2 percent to $1.4990 at 9:11 a.m. London time, after sliding to $1.4967, the lowest since July 13, 2010. Sterling declined 0.6 percent to 86.88 pence per euro.
Attachment 234
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Euro Gains Most in a Month as Draghi Says Economy to Stabilize
businessweek.com
The euro strengthened the most in a month against the dollar after European Central Bank President Mario Draghi said data suggest the region’s economy will stabilize this year.
The ECB kept its benchmark rate at a record low of 0.75 percent as forecast by 56 of 61 economists surveyed by Bloomberg News. Five predicted a reduction to 0.5 percent.
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Dollar climbs to 3-1/2-year high vs yen before U.S. jobs
reuters.com
* Dollar/yen hits highest level since August 2009
* Euro/dollar slips but clings to bulk of Thursday's gains
* ECB wrong foots euro bears with optimistic comments
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Australian dollar gains ahead of US jobs data
businessspectator.com.au
The Australian dollar is slightly higher, trading in a tight range as traders await the release of key United States jobs data.
Early Saturday morning (Australian time), the US will release non-farm payrolls for February, its key measure of employment. CMC Markets senior trader Tim Waterer said the Australian dollar rose during the offshore session on Thursday night in anticipation of good jobs figures.
Meanwhile, Australian bond futures prices were lower at noon.
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US Dollar Slightly Lower Ahead of NFPs - Reversal Possible if NFPs >+157K
dailyfx.com
Despite the knocks against it – the Federal Reserve is adding $1.02T to its balance sheet this year, the US labor market remains weak relative to previous periods of growth, and the political climate is nothing short of a disaster – the US Dollar is the top performing major currency through the first several weeks of 2013. Why though, given these prevalent concerns?
Attachment 253
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Australian Dollar Aimng Higher as Risk Trends Find Support
dailyfx.com
- Australian Dollar Long Position Initiated vs. US Counterpart
- RBA, Glenn Stevens Scatter Interest Rate Cut Expectations
- Australian Dollar Gains as GDP Reinforces On-Hold RBA Bets
The Australian Dollar finds itself re-coupling with risk appetite trends as the specter of interest rate cuts is chased off by the Reserve Bank of Australia and investors are drawn to the highest yields in the G10 FX space. The central bank poured cold water on stimulus expectations last week, with RBA Governor Glenn Stevens saying that while an “accommodative stance of monetary policy is appropriate,” it appeared “prudent” to keep rates unchanged for now while the “substantial easing of policy as a result of previous decisions” works its way into the economy. Fourth-quarter GDP data reinforced the RBA’s position.
Attachment 256
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The Dollar Joins Risk Appetite On U.S. Strong Data; EUR/USD Closes At 1.3000
seekingalpha.com
Friday, the Dollar soared against most competitors and the EUR/USD was dragged below the 1.3000 level to a fresh 3-month low of 1.2955. But the pair managed to recover some ground to close at 1.3000, 0.80% down on the day. In equities, Wall Street closed a historical week, with the Dow reaching a new all-time high at 14,413.17, and the S&P 500 extending its winning run to 6th session and posting 2% weekly gains.
What to do with a weak Euro?
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EC Council Academy Launches Anti-Hacker Operations in Australia and New Zealand
prweb.com
The world class organization EC Council Academy has initiated operations in Australia and New Zealand to train information security specialists in order to defeat hackers. Mr. Ravin Prasad, Director of the EC Council Academy in Australia & New Zealand states, “Australia is in urgent need of cyber security education.”
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EUR/USD Forecast March 11-15
forexcrunch.com
EUR/USD had an exciting week, rising on relative European stability but eventually giving in to the dollar’s strength. Will we see it climb up from the triple bottom or tumble down? Industrial production, the EU Economic Summit and ECB Monthly Bulletin are the major events this week. Here is an outlook on the main market-movers ahead.
While it wasn’t Draghi that provided the next kick lower, the euro has two basic reasons to fall. First, the weakness of the European economies is serious. France, Spain and Italy aren’t doing too well. And while German business indicators are strong, the economy is still showing signs of weakness, as seen in factory orders and industrial output.
The second reason is the strength of the US economy: the pace of the recovery is picking up, as seen in jobs and in the services sector PMI. And that builds on changing forex dynamics: the dollar now enjoys positive US data, something that wasn’t that common in the “risk on / risk off” environment.
Attachment 274
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Dollar near 3-1/2-yr high vs yen on stellar U.S. jobs growth
reuters.com
- Dollar near 3-1/2-year high vs yen, 3-month high vs euro
- U.S. job gains stoke speculation Fed may quit QE
- Aussie slips after China data disappointment
- Dollar/yen up 0.15 pct, Aussie/dollar down 0.1 pct
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US Dollar Retains NFP Gains in Quiet Trading to Start Week
dailyfx.com
The majors have traded in a tight range against the US Dollar on Monday as market participants in Asia and Europe take the opportunity to digest Chinese data from the weekend as well as the US labor market data from Friday. But a second glance at the US labor report on Friday may not yield the same exuberant reaction seen the first flyby.
Attachment 288
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Yen rebounds from 3-1/2-year low versus dollar
dailyfx.com
- Yen rises vs dollar for 1st time in a week, but weakness to resume
- Hints of early BOJ easing prompted earlier yen selling
- Near-term risk reversals flip to yen calls
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Rates outlook boosts Australian dollar
theaustralian.com.au
The Australian dollar was higher in Asian trading yesterday as investors continued to lower their expectations of further interest rate cuts this year.
National Australia Bank said it expected interest rates to be cut by another half a percentage point in the current easing cycle. It started the year expecting a full percentage point of reductions.
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Dollar Eases a Second Day as Dow Matches Strongest Rally in Years
dailyfx.com
- Dollar Eases a Second Day as Dow Matches Strongest Rally in Years
- Euro: Signs of Liquidity Trouble, Watch Key Bond Auctions and EU Topics
- New Zealand Dollar: Is RBNZ Policy Speculation Going to Follow BoE Footsteps?
- British Pound Extends Decline as Data Feeds Fear of Triple Dip Recession, Stimulus
- Japanese Yen Advances for the First Time in 4 Days, Policy Officials Have Spoken
- Australian Dollar Heading into Volatility with Thursday Jobs Data
- Gold Posts Biggest Rally in Two Weeks on Fading Volume, Volatility
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Euro Looks Lower as EU Summit Disappoints- Pound Building Base
dailyfx.com
- Euro: Cyprus Struggles to Secure Bailout, ECB to Remain ‘Accommodative’
- British Pound: To Hold Steady Ahead of U.K. CPI, BoE Minutes
- U.S. Dollar: Producer Prices Remain Soft, Jobless Claims Weakens Further
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ECB Maintains Economic Recovery Forecast Ahead of the EU Summit
dailyfx.com
The European Central Bank released its monthly economic bulletin, saying there is a downside risk to the central bank’s economic outlook. However, the bulletin also said it sees a gradual recovery later in 2013, as contained inflation allows the ECB to remain accommodative, thereby reiterating Draghi’s comments from earlier in the month.
Attachment 338
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Dollar drops vs euro, yen on profit taking after rally
http://uk.reuters.com
* Dollar retreats from 7-month peak, sentiment positive
* Strong U.S. data contrasts with weak euro zone numbers
* Technicals point to key euro/dollar and dollar/yen levels
* Swiss franc, Norway crown fall after policy decisions
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Rupee falls by 5 paise vs dollar at 54.35
kashmirtimes.com
Falling for the second straight day, the rupee today declined by five paise to end at 54.35 as US dollar demand exceeded supply, amid renewed speculation that RBI will cut interest rates next week.
Strong dollar overseas after February US retail sales exceeded forecasts also weighed on the rupee even as a sharp recovery was seen in local stocks, a forex dealer said.
Initial dollar selling by exporters was totally offset by late dollar demand from importers and some banks, he added.
At the Interbank Foreign Exchange (Forex) market, the rupee commenced lower at 54.36 a dollar from last close of 54.30. It later traded in a range of 54.17 and 54.53 on alternate bouts of buying and selling. The rupee finally closed at 54.35, a fall of five paise or 0.09 paise.
Yesterday, it had declined by 12 paise or 0.22 per cent.
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6 gut checks before the stock market’s opening bell
marketwatch.com
Next stop: 1992. That’s the last time the Dow has strung together 11 straight sessions in the green.
It’s also a price level that the S&P, which should break through its 1,565 high today, could end up taking out if this steady march continues.
Attachment 356
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11 scenarios of how an economic collapse in America could play out
economiccollapsenews.com
A recession turns into a depression when the government intervenes. Looking back at history, this phenomenon is rather apparent, especially in times of economic downturns when the self-proclaimed crusaders of justice implement their Keynesian economic policies.
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The Dow's False Signal
insidefutures.com
Unfortunately, the price was providing a false signal. Due to the inflation perpetrated by Alan Greenspan and his protege Ben Bernanke in the early 2000s in their efforts to "replace the stock market bubble with a real estate bubble" (as recommended by Paul Krugman), the price had gone too far too fast. All assets correlate in a bear market and when housing and stock prices crashed in 2008, oil came down with it.
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China forex chief signals investment shift
insidefutures.com
China will forge ahead with efforts to diversify its $3.3 trillion foreign exchange stockpile into higher yielding assets, Yi Gang, director of China’s State Administration of Foreign Exchange (SAFE), says.
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Dollar soars on Cyprus jitters
investing.com
The U.S. dollar is trading higher against nearly all of its major rivals during Monday’s Asian session as traders fear a request by euro zone finance ministers could spark a run on Cyprus banks.
In Asian trading Monday, EUR/USD plunged 1.28% to 1.2910 as news of a levy on Cyprus bank deposits has sent traders in search of safe-haven assets. On Friday, the European Union and International Monetary Fund reached an agreement on a EUR10 billion bailout for Cyprus. The agreement has provoked public anger because of plans to impose a one-time tax on bank deposits.
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Euro suffers as Cyprus bailout plan worries investors
reuters.com
* Investors jittery after proposal to tax Cypriot deposits
* Euro falls broadly, hits 3-month low vs dollar
* Focus on Cyprus parliament vote, peripheral bond yields
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Crude Oil, Gold Look to Cyprus Bank Levy Vote for Guidance
dailyfx.com
Crude oil is may follow stocks lower while gold rises if Cyprus votes to approve an EU bailout plan containing a controversial bank deposit levy.
- Crude Oil, Copper Vulnerable if Cyprus Parliament Approves Bank Levy
- Gold and Silver May Find Support as Markets Fret About Credit Instability
Attachment 384
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Euro undermined by concerns Cyprus woes may escalate
reuters.com
- Euro weak near 3-month low vs dollar on Cyprus problems
- Nicosia "unlikely" to endorse bailout deal - govt spokesman
- Soft German ZEW could be fresh blow to euro
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Cyprus bailout worries push investors into gold
miamiherald.com
Worries about the Cyprus bank bailout drove investors into the safe haven of gold on Monday.
Gold for April delivery rose $12, nearly 1 percent, to $1,604.60 per ounce.
News about Europe's bailout plan for cash-strapped Cyprus unsettled many investors, and all three major U.S. stock indexes lost ground. Traders were surprised that the bailout plan included slapping a tax on deposits in the country's banks - essentially forcing anyone who keeps money in a Cypriot bank to take a "haircut," or a loss.
In other energy trading, natural gas rose 1 cent to $3.88 per 1,000 cubic feet. Wholesale gasoline lost 3 cents to $3.13 a gallon. Heating oil fell 1 cent to $2.93 a gallon.
Attachment 390
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Euro nudges lower vs dollar ahead of Cyprus levy vote
reuters.com
- Euro weak near 3-month low vs dollar on Cyprus problems
- Investors await vote on Cyprus bailout deal
- Little impact from better-than-expected German ZEW
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When Will The Next Inflation Surge Come?
etfdailynews.com
Right now, I remain bearish most commodity markets. The reason being, they simply have not fulfilled a short-term cyclical test of support. So, more downside is possible in gold, silver, oil, and an assortment of other commodities.
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Cyprus Parliament Overwhelming Rejects Bank Tax for Bailout
forexnews.com
Cypriot lawmakers voted overwhelmingly against a tax on bank deposits which was a condition of the European Union’s 10 Billion Euro rescue package designed to keep the banking system from collapsing. The vote was 36 against with 19 lawmakers abstaining for a total of zero votes in favor of the tax. The EUR/USD hit a 3 month low after the news and has remained below the psychologically important 1.2900 level after trading as low as 1.2842.
Bullishness about dollar hits record high. – Investor sentiment on the dollar has risen to record levels, underlining wider market optimism over the US economy that has helped to drive US stocks close to record highs, according to a key survey of global fund managers.
Attachment 403
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Dollar and S&P 500 Ready for Fed Rate Decision
dailyfx.com
- Dollar and S&P 500 Ready for Fed Rate Decision
- British Pound Awaits UK Budget, BoE Go Ahead for Stimulus
- Euro Tests Four Month Lows as Cyprus Plan Rejected
- Japanese Yen: What will Kuroda Do in His First Day at the BoJ Reins
- New Zealand Dollar Weighs RBNZ Warnings against 4Q GDP
- GoldClimbs a Fourth Day, Focus Shifts from Euro Risk to Stimulus
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Euro regains footing but still vulnerable on Cyprus woes
dailyfx.com
- Cyprus negotiating deal with Russia
- British budget in focus, after BoE minutes
- Fed meeting statement and Bernanke news conference awaited
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Yen firmer vs dollar, awaits new BOJ governor's remarks
reuters.com
- Dollar dips vs yen but losses limited
- Yen not too far from last week's 3-1/2 year low vs dlr
- Markets await BOJ governor Kuroda's maiden speech
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Gold to Follow Crude Oil Higher on Dovish FOMC Outcome
dailyfx.com
Crude Oil, Copper Rise as Cyprus Bank Levy Rejection Boosts Risk Trends
Gold and Silver to Find Support as US Dollar Weakens on Dovish FOMC
WTI Crude Oil (NY Close): $92.16 // -1.58 // -1.69%
Prices reversed lower to test support at the 92.00 figure, marked by the 23.6% Fibonacci expansion. A break beneath that exposes the 38.2% level at 90.73. Near-term resistance is at 94.07, the March 19 swing high.
Attachment 417
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Gold price higher in sideways range; Cyprus, FOMC create no waves
fastmarkets.com
Gold moved fractionally higher on Thursday morning but remained trapped in its newly elevated $1,600-1,620 range, with fears over the stability of Cyprus failing to fuel risk aversion to force a break.
Spot metal was last at $1,607.80/1,608.60 per ounce.
In the other metals, platinum recovered somewhat, gaining $4 to $1,576/1,586 per ounce but palladium edged $1 lower to $755/761 per ounce. Silver is up seven cents at $28.86/28.94.
Attachment 429
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Cyprus debacle keeps euro in doldrums, yen steadies
reuters.com
- Yen steadies after short positions squeezed on Thurs
- Euro pinned near 4-mth lows vs USD on Cyprus uncertainty
- U.S. data points to growing momentum
Attachment 441
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Gold industry has lost some lustre
bdlive.co.za
THE 10 biggest gold companies led by Barrick Gold Corporation spent more than $100bn in the past 20 years buying new mines and projects around the globe. Now they are feeling the pressure to throw the strategy into reverse.
A Bloomberg index of 14 large gold miners has lost 27% in the past year, worse than the 7.2% drop in a similar gauge of global oil companies. The gold industry, which underperformed the metal for five of the past seven years, has tried to stop the slide by ending gold-price hedges raising dividends, building new mines and, most recently, pledging spending discipline.
Attachment 447
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Euro rebounds as investors optimistic about Cyprus deal
reuters.com
- Deal reached to spin off Greek units of Cypriot banks
- Euro gains limited by risk of Cyprus banking collapse
- Weaker-than-expected German Ifo index weighs on euro
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Gold has best week in two months
smh.com.au
- AUD slips to $US1.0428
- SPI futures up 21 points to 4994
- US shares up on optimism for Cyprus deal
- Oil gets a lift from equity markets
- Euro shares flat amid expected Cyprus deal
- Wall Street Week Ahead: US stocks to run at record highs
Attachment 468
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Copper gives bearish signal; other commodities not supporting rally
firstpost.com
Copper, a leading indicator of the equity markets gave a bearish signal this week breaking below a consolidation pattern that began forming in October 2011. Other leading commodities such as oil, gold, silver and aluminum too have not supported the equity rally for a long time.
Attachment 481
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