Currency Market News
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Colombia’s peso plunged to a 16-month low on speculation dollar inflows into the Andean nation will decline after Federal Reserve Chairman Ben S. Bernanke said monthly bond purchases could be reduced if the world’s biggest economy shows sustained growth.
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Bank of Israel Governor Stanley Fischer used his tie-breaking vote for the first time to restrict last week’s rate cut to 0.25 percentage point, as half the panel pressed for a bigger reduction.
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The Standard & Poor’s 500 Index returned to a record as a Federal Reserve official said bond purchases should continue and Goldman Sachs Group Inc. forecast the stock rally will last at least through 2015. Treasuries rose and the yen pared earlier losses while grains and gold fell.
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The premium dealers demand for dollars in Egypt’s unofficial currency market is falling as the pound goes through what JPMorgan Asset Management called “non- chaotic maximum devaluation.”
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China’s yuan rose to within 0.2 percent of a 19-year high on speculation capital inflows will spur appreciation.
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Yandex NV will extend gains from a 20-month high as Russia’s biggest Internet company boosts its dominance of the search market, according to Sberbank Investment Research’s Anna Lepetukhina, the most accurate analyst covering the stock.
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The Canadian dollar posted its biggest loss in a year against its U.S. peer as the nation’s annual inflation rate fell in April to its slowest in more than three years, bolstering the case for relaxing monetary policy.
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The Dollar Index climbed to the highest level in almost three years amid speculation the Federal Reserve is moving closer to ending its program of asset purchases on signs U.S. economic growth is improving.
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The currency market is experiencing a bout of deja vu, with the yen’s tumble to a 4 1/2-year low and the dollar’s rebound drawing resemblances to 1995.
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Rubber fell to a one-week low on speculation that decreasing oil prices would cut the cost of synthetic products, decreasing the appeal of the natural variety.
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