Michael Woolfolk News
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Goldman Sachs Group Inc. sold $2 million of one-year notes that bet the South African rand will strengthen against the U.S. dollar, the first such offering in at least three years.
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The dollar led gains in world markets last month, beating global measures of bonds, stocks and commodities, as the threat of U.S. budget cuts proved no barrier to investors snapping up American assets.
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The euro declined below $1.32 for the first time in six weeks as an industry report showed services and manufacturing in the region shrank at a faster pace in February than economists forecast.
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The euro fell for the first time in four days against the dollar amid speculation the European Central Bank will expand its balance sheet to stem the rise of the region’s sovereign-bond yields.
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There’s at least one thing that bulls and bears on the U.S. economy agree on: the dollar, the most undervalued major currency in the world, is due to rise as Europe’s sovereign debt crisis threatens the global recovery.
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The dollar fell against most of its major counterparts amid a rise in risk appetite after German Chancellor Angela Merkel’s government backed the European Central Bank’s bond-buying plan to curb the area’s debt crisis.
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The dollar posted its biggest monthly gain since 2011 in May, beating bonds, stocks and commodities for the first time this year as investors sought refuge in U.S. assets while Europe’s sovereign crisis worsened.
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The euro fell against the dollar for the first time in three days after European governments failed to agree on releasing a loan payment to spare Greece from default on its debts.
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The dollar rose to a seven-week high against the euro as European finance ministers ducked investors’ pleas for a bailout package for debt-strapped Ireland and doubts surfaced over Greece’s economic health.
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The euro rose for the first time in three days against the dollar after European Union President Herman Van Rompuy said the region’s rescue fund is ready for rapid action to aid Spanish banks.
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