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Dollar fell ahead of major US holiday week

Discussion in 'Forex Daily News & Outlook' started by prav, Jul 2, 2007.

  1. prav

    prav Moderator
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    The Dollar fell against the Euro and Yen on Friday, the last trading day of the quarter, with investors selling the currency ahead of a holiday-shortened week in the United States. Demand for the Dollar has been waning since Thursday, when the Federal Reserve left benchmark interest rates unchanged and said core inflation had eased a bit, boosting the view that overnight rates will remain at 5.25% for some time. US markets will close Wednesday, July 4th, to mark Independence Day. A tame reading on US consumer inflation on Friday also weighed on the Dollar, while reports on Midwest manufacturing and Consumer Sentiment had little impact. The Canadian Dollar retreated from a 30-year high against the US Dollar after data showed Canada's Gross Domestic Product grew at a slower pace than expected in April.


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