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Friday May 14, 2010 - 06:40:39 GMT
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Imperial FX Online - www.imperialfxonline.com
FX Market Report: Euro falls towards 1.2500 against dollar; Yen gains on late fall in U.S. stocksThe euro declined towards the 1.2500 level against the greenback on Thursday due to worries that economic growth in the euro region would be affected by the spending cuts announced by several nations in order to reduce their budget deficits, with the single currency losing all its gains versus the dollar after the news of the 750 billion euro bailout package earlier this week. Euro also fell sharply versus the yen to end the day down over one and a half percent around the 116.00 level.Sterling dropped the most among the major currencies, losing over two percent against the yen after the U.K. trade deficit widened to 7.5 billion pounds and compounding the bearish sentiment brought up earlier by Bank of England governor Mervyn King (who spoke of the downside risks to the U.K. economy while also not ruling out further asset purchases). Gbp/usd declined below the 1.4600 level and gbp/jpy tumbled to around 135.00.The New Zealand dollar weakened against its U.S. counterpart after data showed that retail sales rose by less than expected. Gold retreated on profit taking after hitting a record high of 1248.20 on Wednesday. Stock markets in Europe ended the day higher but U.S. equities fell sharply in late trading with the Dow closing down over one percent.Written by www.imperialFXonline.comJoin US and Strategize Your FX Trading Now!!!
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