Richard Franulovich News
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The dollar fell against the majority of its 16 most-traded peers before U.S. economic data that may provide more direction about when the Federal Reserve will begin to taper its monetary stimulus.
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The euro fell to a six-week low against the dollar after reports showed the region’s economy shrank more last quarter than analysts forecast and German growth cooled.
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The dollar had its biggest rally since February as signs of labor market strength suggested the Federal Reserve may reduce stimulus sooner than its peers, driving the yen lower than 100 for the first time since 2009.
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The yen and dollar slid against currencies of commodity-exporting nations including New Zealand and South Africa as investors sought higher-yielding assets and gold and U.S. stocks gained.
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The yen tumbled the most in 17 months against the dollar after the Bank of Japan outstripped forecasts and announced unprecedented economic stimulus measures that tend to devalue the currency.
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The yen will weaken to 100 against the dollar, a level last seen in April 2009, as growth prospects in the U.S. outpace those in Japan, according to Richard Franulovich , a senior currency strategist at Westpac Banking Corp. in New York.
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The euro fell by the most in three weeks versus the dollar as Cyprus sought to secure a bailout of its banking system and as data suggested economic growth in the region that shares the currency is failing to accelerate.
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The euro traded at almost the lowest in four months versus the dollar as officials in Cyprus worked to produce a plan to secure financial aid and avoid the collapse of its banking system.
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The yen slid to the weakest since June 2010 versus the dollar after Japanese Prime Minister Shinzo Abe’s government said it will spend 10.3 trillion yen ($116 billion) in new stimulus efforts that may weaken the currency.
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The Dollar Index gained for a fifth straight week, its longest rally since June, as employers added more jobs last month than forecast, signaling economic prospects for the U.S. exceeding other developed nations.
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