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Dollar near 3-month high against Yen before G8 meeting

Discussion in 'Forex Daily News & Outlook' started by prav, May 18, 2007.

  1. prav

    prav Moderator
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    The Dollar rose for the second time this week and hit a three-month high against the Yen after reports showed unexpectedly strong growth in US housing starts and industrial output last month, completed with a large rise in US business activity. In addition, the Japanese first-quarter growth data was near forecasts and kept Bank of Japan on track to lift interest rates later this year. The Central Bank left interest rates on hold at its policy meeting. Investors increasingly believe the BoJ will raise rates to 0.75% as soon as August of September and the European Central Bank is seen raising rates at least once more this year and some see the Bank of England further raising borrowing costs too in contrast to expectations for a rate cut in the United States later this year.


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