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The Dollar weakened against major high-yielding currencies

Discussion in 'Forex Daily News & Outlook' started by prav, Jun 5, 2007.

  1. prav

    prav Moderator
    Staff Member

    Apr 28, 2007
    Likes Received:
    The Dollar weakened across the board on Monday, failing to sustain last week's gains as investors saw few prospects for a US rate hike, while the Euro and other currencies linked to rising interest rates strengthened. The Euro hit a record high against the low yielding Yen, while the Australian and New Zealand dollars also hit fresh multi-year peaks against the Japanese currency. The European Central Bank meets on Wednesday and is expected to raise its benchmark rate by 0.25% to 4% and possibly signal further increases. A French presidential source said that President Nicolas Sarkozy will raise his concerns over Foreign Exchange rates at a Group of Eight summit in Germany this week.


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