Steven Saywell News
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Swiss stocks erased earlier gains as shares of Cie. Financiere Richemont SA and Julius Baer Group Ltd. retreated.
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The pound strengthened the most in more than a week against the euro after U.K. reports showed construction output slowed less in April than economists forecast and mortgage approvals unexpectedly rose in March.
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Investors should bet the dollar will fall against its Canadian counterpart on expectations the Federal Reserve will introduce more stimulus, according to BNP Paribas SA.
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The franc strengthened after the Swiss central bank stopped short of announcing a target rate or temporary peg to the euro in its third attempt in as many weeks to drive down the currency.
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The pound advanced for a third day against the dollar after Bank of England Governor Mervyn King said policy makers aren’t trying to talk it down, damping speculation they are seeking a weaker sterling to spur growth.
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The euro may strengthen to $1.40 by the third quarter of this year, the highest level since 2011, as positive sentiment persists toward Europe’s 17-nation currency bloc, according to BNP Paribas SA.
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The pound rose to the strongest level in more than a year against the dollar on speculation the U.K. economy is poised to recover from recession while the Federal Reserve expands monetary easing.
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The dollar fell against all of its 16 most-traded counterparts before the Federal Reserve starts a two-day meeting tomorrow amid speculation it will buy bonds to boost the economy.
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The yen depreciated to its weakest level in 2 1/2 years against the dollar and euro amid speculation Prime Minister Shinzo Abe will select a new Bank of Japan governor who will boost monetary stimulus.
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The yen rallied from a 20-month low against the dollar on speculation that monetary easing bets had driven the Japanese currency down too rapidly.
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