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Sterling and Swedish crown climb on rate outlooks

Discussion in 'Forex Daily News & Outlook' started by prav, Jun 21, 2007.

  1. prav

    prav Moderator
    Staff Member

    Apr 28, 2007
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    Sterling rose on Wednesday after Minutes from a Bank of England policy meeting were perceived by the market as pointing to a UK rate rise as early as next month. With no economic data to provide clues, the Dollar crept lower against most major currencies, while the focus shifted toward Sterling and the Swedish crown, which surged after the Riksbank lifted interest rates and unexpectedly let investors anticipate two more hikes this year. The Yen continued to suffer as investors borrow it cheaply to finance purchases of higher-yielding currencies and assets. The Japanese currency plumbed multiyear lows against the Australian and New Zealand Dollars. Bank of Japan Governor Toshihiko Fukui last week said officials wanted to be sure Capital and Consumer Spending remained firm before pushing interest rates higher.


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