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| Written by Gary Howes |
| Tuesday, 30 June 2009 09:44 |
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Forex and Commodities: Growing hopes of a global recovery prompted investors to shift funds to higher-yielding assets from the safe-haven US currency, the sterling as always is a winner in this scenario. As a result this morning sees the sterling reach an 8 month high. Sterling rose as high as $1.6715 GBP=D4, its strongest since late October, according to Reuters data. Data also showed British house prices rose for the second month running in June. Dollar mixed a risk appetite returns The dollar traded mixed against major currencies on Monday, rising against the yen and falling against the euro as appetite for riskier trades picked up. A good session among US equities and some encouraging European economic data bolstered sentiment and helped stimulate demand for the buck and euro. The European Commission's economic sentiment indicator showed a stronger-than-expected rise while gains on Wall Street, led by techs, fuelled demand for the dollar at the start of the week. Traders will be keeping an eye on key US jobs figures, out later this week. June non-farm payrolls will be released Thursday, a day ahead of schedule, as US markets close for the holiday weekend. The dollar index, which measures the US currency against six others, rose to 79.802 from 79.830 late Friday. Against the yen, the dollar rose 0.8% to 96.02 yen while the euro added 0.2% to $1.4078.
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