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Module by: CoreTemplate and StockTrader

Business FX Blog

Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

The idea of this column is to assist businesses in saving money on making or receiving payments in foreign currency. It is developed with all companies in mind from public companies with large and complex operations, to smaller companies and individuals.

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Home Forex Check Forex Rate Sterling in new gains

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Sterling in new gains PDF Print E-mail
Written by Gary Howes   
Tuesday, 30 June 2009 09:44

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.

 

Oil tops $71 on fresh Nigeria attacks

 
Fresh attacks on a Nigerian pipeline by local militants underpinned Monday’s spike in oil prices. US light crude oil for August delivery rose $2.33 to settle at $71.49 a barrel on the New York Mercantile Exchange.

The attack, by the country’s biggest militant group at one of Royal Dutch Shell’s facilities in the Niger Delta, comes after Friday’s tentative agreement of a proposed 60-day cease-fire by President Umaru Yar'Adua.

A buoyant session on Wall Street also boosted demand for the black stuff. Tech majors and news about Bernard Madoff’s 150-year sentence helped lift the Dow Jones into the blue.

Earlier in Monday’s session the August contract jumped to a high of $72.40 a barrel but the firmer dollar and some caution ahead of inventory data out Wednesday and Friday’s Independent day holiday, kept a lid on gains.

Among precious metals gold posted its first decline in five days as the dollar traded mixed against major currencies.

The yellow metal remained around the $940 mark though but trading is expected to volatile ahead of the US holiday weekend. COMEX gold for August delivery fell 30 cents to settle at $940.70 an ounce.

July silver lost 18.1 cents to $13.847 an ounce while copper for July rose 1.9 cents to $2.3125 a pound. 



 

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