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Latest Forex Market Analysis by ForexHound.com

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The EUR USD opened the New York Session sharply higher following the release of better than expected economic reports out from France and Germany. The reports showed surprise improvements in French manufacturing and German services. This news set the table for a spike to the upside until Fed Chairman Bernanke declared that the U.S. economy was on the verge of emerging from the recession. His statement sent equity markets and the Dollar soaring putting downside pressure on the Euro.

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EUR/USD Pops Above 8/13 Highs after Positive PMI Dat

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The EUR/USD is making a solid move higher past 8/13-8/14 highs after the wave of PMI data came in above analyst expectations. In fact, a couple PMI data points are registering expansion (50+) while the rest are making a strong case to do the same. Such positive improvements in data tend to have a larger impact on the EUR/USD than the GBP/USD since the ECB’s interest rate remains at 1%. The growth in PMI mirrors the expansion we saw in the EU’s Economic Sentiment data released earlier this week. Hence, the EU is making a good case for returning to GDP growth in H2. The EUR/USD is reacting accordingly, knocking on the door of our readjusted 2nd tier downtrend line.
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Euro Manages to Hold on to its Gains - Forexhound

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The EUR USD managed to hold on to its overnight gains despite bullish comments from Fed Chairman Bernanke that boosted the U. S. Dollar. Early in today’s trading session the Euro rallied sharply higher following the release of better than expected economic reports from France and Germany. The reports unexpectedly showed improvements in French manufacturing and German services. The Euro was trading firm at the New York opening but positive comments from Bernanke regarding the recovery in the global economic community helped the U. S. Dollar improve, thereby limiting gains in the Euro.
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GBP/USD Stares Down 8/13 Highs After Positive EU and U.S. Data

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The Cable is moving higher after EU PMI and U. S. Existing Home Sales data surpassed analyst expectations. The S&P futures are setting new 2009 highs while the EUR/USD tests some important technical barriers to the topside. However, the GBP/USD is only participating partially since investors are still sour about the level of debt in Britain.
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GBP/USD Stares Down 8/13 Highs After Positive EU and U.S. Data

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The Cable is moving higher after EU PMI and U. S. Existing Home Sales data surpassed analyst expectations. The S&P futures are setting new 2009 highs while the EUR/USD tests some important technical barriers to the topside. However, the GBP/USD is only participating partially since investors are still sour about the level of debt in Britain.
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GBP/USD Stares Down 8/13 Highs After Positive EU and U.S. Data

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The Cable is moving higher after EU PMI and U. S. Existing Home Sales data surpassed analyst expectations. The S&P futures are setting new 2009 highs while the EUR/USD tests some important technical barriers to the topside. However, the GBP/USD is only participating partially since investors are still sour about the level of debt in Britain.
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Gold Darts Past $950/oz in the Wake of Positive Data

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The EUR/USD broke out to the upside after positive PMI data, and gold responded. The precious metal rode past our 3rd tier uptrend and 2nd tier downtrend lines on its way to $950/oz. However, Gold’s rally is pausing after better than expected U. S. Existing Home Sales data caused the Dollar to appreciate. Gold is not quite sure which direction to head in with the Dollar appreciating and the S&P futures setting fresh 2009 highs.
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Hence, the precious metal is in a correlative flux. Regardless, today’s movement is certainly positive and shows gold is still in a medium-term uptrend despite recent weakness. That being said, the precious metal must deal with a couple strong technical obstacles to the topside.
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USD/JPY Bumps Higher after U.S. Existing Home Sales Data

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Investors are biting on the USD/JPY after U. S. Existing Home Sales beat analyst expectations. The USD/JPY’s about face shows the level of uncertainty surrounding the viability of the Dollar. Investors are suddenly more comfortable buying the Dollar after a series of positive global economic data. However, the USD/JPY still clearly faces significant downward pressure, and it will take more than one session of data to turn things around.
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Boost expected by Freeview after deal with Prime broadcaster Sky

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A breakthrough deal between Prime broadcaster Sky, Freeview and Kordia has been successful, which means that Freeview subscribers can tune in to Prime Television from today.
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With this deal, Freeview satellite and HD subscribers would be able to watch popular TV shows, including Flight of the Conchords and Top Gear, as well as the delayed broadcasts of sports matches such as All Blacks games.

From quite sometime now, Freeview has been pushing for the inclusion of Prime in its line-up, while claiming that Prime's absence had limited the take-up of the free-to-air service.
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A deal had been avoided by Sky till now since it believes claiming it would not be economic to put Prime on Freeview.

With the recent development, more people should be lured on to Freeview and digital television.
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According to Freeview general manager Sam Irvine, "A number of people out there have been waiting for Prime to join Freeview. There's also still a large number of people on analogue TV it's still about 40 per cent of people so now is a great time for them to move, all the major channels are on digital for free."
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Already, over 250,000 homes have switched to Freeview.

Mr. Irvine said that Sky would stand to benefit from the arrangement.
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He said, "We've always believed that Prime should be there as Freeview is a free-to-air digital platform they're missing out on viewers by not being there."

He concluded: "Sky would help Freeview cover its administration and marketing costs as part of the deal, but he would not confirm this would cost Sky $350,000 over three years, as previously reported by The Dominion Post."
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Netscape founder Andreessen backing new browser startup - RockMelt

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According to The New York Times' Thursday report, citing unnamed people 'in the know,' Netscape founder - now developer-turned-financier - Marc Andreessen is backing a new browser startup, RockMelt!
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Andreessen was the brain behind the Netscape browser - a browser that helped millions of users access the Internet in the 1990s; but later lost the browser and Web server market to Microsoft's Internet Explorer packaged with the Windows operating system! And now, Andreessen is backing a new browser probably because it might chip away part of Internet Explorer's market share!
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Moreover, going by the newspaper report, Andreessen has an earlier association with the co-founders of RockMelt - Eric Vishria and Tim Howes- both of whom are former Opsware executives. Incidentally, it was Andreessen who co-founded Opsware, and later sold it to Hewlett-Packard. Howes has also worked with Andreessen at Netscape.

Though the site of RockMelt, which will be a browser to be built 'from a scratch,' does not disclose much detail about its technology, it does allow people to tender their e-mail to keep pace with the browser's future updates.
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Andreessen had, some time back, told the Times that with Web fast becoming a network of complex Web sites, a new browser is needed to effectively deliver services to end users. In addition, with Andreessen being a Facebook board member, the RockMelt browser reportedly would be a singular 'social networking browser'!
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Pear Analytics: Twitter most commonly used for “pointless babble”

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According to a recent study by marketing intelligence firm Pear Analytics, the most common use for Twitter is for "pointless babble," followed by conversations between people; with the third most-used purpose of Twitter being "pass-along value" - as tweets become re-tweets (RT)!
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The two-week study - supposedly following an argument between Pear Analytics' employees about the purposes for which Twitter is actually being used - sampled 200 random tweets per day from the US; thereby reaching a total of 2,000 tweets sampled.

Statistically speaking, the study revealed that while almost 40 percent of the tweets were about some "pointless babble"; 37 percent were parts of conversations; and 12 percent comprised re-tweets or "pass along value." Furthermore, nearly 5 percent of the tweets pertained to self-promotion; and 3 percent each were related to news and spam.
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Saying that Pear Analytics "will be conducting this same study every quarter to identify other trends in usage," CEO Ryan Kelly added that the firm was interested in noticing whether there would be a change in use of the popular microblogging site for news, or will it continue to be a source of personal messages.

Though the report said it had not expected the "conversational category would be as high as it was, or self-promotion to be as low as it was," it stopped short of making any predictions for future Twitter usage.
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BT to launch 40mbps broadband service in Glasgow

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BT has revealed its plans to provide Glasgow with superfast fibre-optic broadband as soon as this autumn, making it the first city to have the next-generation service.

The telecoms giant has confirmed that over 15,000 homes plus businesses in Hillington, Crookston and Cardonald will receive fibre to the cabinet capable of delivering speeds of up to 40Mbps.
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BT may increase the speed of the service to 60Mbps in future.

It may be noted here that ambitious BT has plans to bring up to 40% of the UK households under the next-generation service by 2012.
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Openreach, network business arm of BT will put-in 56 new street cabinets.

Speaking on the topic, Bob Downes, a big shot at Openreach, said, "The race to get super-fast broadband into Glasgow is well and truly underway."
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It should be noted here that Glasgow has got the opportunity after London objected over the service, citing aesthetic issues.
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Dairy plummets, takes along producer output prices!

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It has been forwarded by Statistics New Zealand (SNZ) that a fall of 0.7% was noticed in producer's output prices, while input prices remained unchanged.

While the main contributors to the output index fall were lower prices for exported dairy products, such as whole milk powder, cheese, and butter; the largest downward contribution to the index in the latest quarter was made by the dairy product manufacturing index, with a fall of 19.9 percent.
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If the inputs index is considered, then the most significant downward contribution was made by a 6.7 percent fall in the sheet and fabricated metal product manufacturing index.

SNZ said: "Lower prices for raw materials, the rise of the New Zealand dollar and lower demand due to worsening economic conditions, were cited as the main drivers of that fall. Electricity generation and supply rose in both the outputs (up 11 per cent) and inputs (up 10.4 per cent) indexes in the latest quarter."
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The prices were mainly increased due to higher spot market prices in the winter season, while higher prices for natural gas, used in the generation of electricity, also contributed to the rise in the inputs price index.

A rise by 2.1 percent was noted in the PPI (producers' price index) in the year to June, while the PPI inputs index dropped 1.2 percent - marking the first annual fall in the inputs index since March 2004.
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Dubai Taxi Corporation launches passenger survey

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The Dubai Taxi Corporation (DTC) at the Roads and Transport Authority has started a passenger survey to find the satisfaction level of the public, regarding services and facilities being offered by the corporation in the city.

Passengers can directly interact with DTC CEO Abdul Aziz Al Malek through chat for any suggestion and feedback regarding the services at 'Speakers' Corner'.
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Al Malek said: "This campaign is a tool to gauge the opinion of customers who will be able to debate and comment on several matters related to DTC." The corporation, through personal interaction and questionnaires, will gather different ideas from the public, know their viewpoint, and use their feedback for further improvement in the quality of services.

The campaign, launched at Wafi and Modesh City, will continue throughout the year, covering different places in Dubai, such as hospitals, malls, hotels and Dubai International Airport terminals.
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Mr. Malek, seeking valuable feedbacks from public, said: "Such dialogue will enable several questions to be asked in an open and free environment.

This interactive method is believed to be highly effective in probing customer opinion as it provides a platform for producing new concepts and information."
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World Market Review and Indian Stock Market Analysis by Nirmal Bang

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U.S. stocks retreated, pushing the S&P 500 index down the most in six weeks, as investors speculated the global economy isn’t expanding fast enough to justify the steepest equity market rally in seven decades.

U.S. stocks staged their fastest advance since the Great Depression after falling to a 12?year low on March 9, rising as much as 50% over five months on signs the global recession is easing. Speculation that growth in China would spur demand for raw materials helped send the Reuters Jefferies/CRB Commodity Price Index up 32%.
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China’s Shanghai Composite Index sank 5.8 % yesterday, the steepest slump since Nov. 18, after Ping An Insurance (Group) Co. reported profit that trailed projections and the government reported a 10th straight monthly decline in foreign investment. Yunnan Copper Industry Co. said there are “no clear signs” of a recovery after posting a first?half loss.
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Commodity producers retreated as investors speculated that a rally in riskier assets has outpaced prospects for economic growth. The CRB index of 19 raw materials fell 1.6 %.

China’s benchmark stock index, the world’s worst performer this month, may fall another 10 % as bank lending slows, said Andy Xie, a former Morgan Stanley chief Asian economist.
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“The current correction is reflecting the tightening in lending,” said Xie, who correctly predicted in April 2007 that China’s equities would tumble. “We’ve seen the peak of this market cycle, though there’s likely to be a bounce as the government seeks to stabilize the market.”

Today morning Most Asian stocks fell, led by commodity companies, after metals prices slumped amid concern the global economic recovery will fail to meet investors’ expectations. A measure of six metals, including copper and zinc, traded on the London Metal Exchange fell 2.7 % yesterday to the lowest level in a week. Copper futures in New York dropped 2.3 %, while oil sank 1.1 %.
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a weather bureau official said that revival in India’s monsoon rains is helping ease dry weather that’s caused drought in a third of the nation’s districts and dented sowing of rice and sugar cane. Uttar Pradesh, the country’s biggest cane grower, Madhya Pradesh, the largest soybeans producer, and Bihar, a top grower of rice and corn, received “good rain” over the past few days, said Ajit Tyagi, director general of the India Meteorological Department, from New Delhi today. Monsoon rain may be similar to 2002, when showers were 19.2 % below average and the nation faced its worst drought in 12 years, Tyagi said last week.
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Patrol, diesel shortage in various parts of country

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LAHORE: There are reports regarding shortage of patrol and diesel in various parts of the country, particularly in Punjab and many petrol pumps have run short of fuel. Talking to Geo News, Chairman of Petroleum Dealers Association Abdul Sami Khan said fuel stations are being delivered 60 to 70 percent fuel less than the demand in cities including Mianwali, Sargoda and Multan, while Gilgit is also facing the similar problem. According to the dealers, petroleum products are available in black market in some places including Mianwli. Meantime Oil Marketing Companies assert there is no discontinuation in the supply.
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Seven new companies listed in KSE- 30 Index

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KARACHI: The Karachi Stock Exchange (KSE) while renewing KSE-30 Index included new companies after removing seven old companies. According to KSE, the companies removed are Arif Habib Ltd, Pervaiz Ahmed securities, Askari Bank, Bank of Punjab, EFU General Insurance, Netsol Technologies and NIB Bank. These companies replaced by Kot Addu Power Company, Attock Petroleum, ICI Pakistan, Bank Al Habib, National Refinery, Pakistan Reinsurance and Shell Pakistan.
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China to appeal WTO ruling

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BEIJING: China said on it will challenge a World Trade Organisation ruling against its restrictions on imported films, books and audio-visual products, continuing its sparring with Washington over trade access. Beijing said last week it may appeal against the WTO panels ruling, which upheld key parts of a U.S. complaint about Chinas controls on cultural products, which Washington says hurt publishers, Hollywood and entertainment multinationals. Now a spokesman for the Chinese Ministry of Commerce has said that appeal will certainly go ahead. "We think it was improper for the WTO not to reject the U.S. request," the spokesman, Yao Jian, told a news conference in Beijing. "Based on the WTO schedule, we are preparing the documents necessary to lodge an appeal." Yao did not give any other details of Chinas appeal.
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Indian Stock markets trading higher, BSE Sensex up by 160 points at 11.03 AM IST

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In a surprise move, Indian Stock markets have gone opposite to the global weakness. The stock market started inching up during the morning session. At 11.03, BSE Sensex was up by 160 points at 14948. NSE Nifty was up by 51 points.
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Among major gainers on NSE were, ONGC (up by 1.6%), Hindalco (up by 3.2% at Rs 104), Siemens, M&M, DLF, Larsen & Toubro, Jindal Steel and Suzlon Energy.

Among major gainers on BSE were, Jaiprakash Associates, SBI, Maruti Suzuki, Tata Steel, ICICI Bank and HDFC Bank.
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Prism Cement gains; Ashwani Gujral suggests Rs 79 as target

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Prism Cement was among major gainers in today’s session. At 11.30am, the stock was trading 6% higher compared to previous close.
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The stock has touched an intraday high of Rs 54.25 on NSE. The trading volumes are high as well. On NSE, during the first hour of trading, 2.1 million shares changed hands while the volume on BSE was 1.4 million shares.

The stock is trading near its 52-week high of Rs 60.
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Crude Futures Consolidate above $70/bbl as Correlations Rest

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Crude futures found support in our 1st tier uptrend line Wednesday as the Dollar weakened and the S&P futures rallied past 1000. Crude managed to avoid any technical pullback in the process, and has climbed back above its psychological $70/bbl level. However, there remains immediate-term downward pressure in the form of previous August highs and our 2nd and 3rd tier downtrend lines. Meanwhile, our 2nd tier downtrend line is colliding with our 2nd tier uptrend line, corresponding with the inflection points taking place in the GBP/USD, EUR/USD, USD/JPY, and gold
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EUR/USD Sinks After More Negative U.S. Data

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The EUR/USD has dropped through our 3rd tier uptrend line after America’s U of M Consumer Sentiment number came in weaker than expected. Today’s pullback in consumer sentiment adds to yesterday’s disappointing retail sales data. The battered American consumer is not making a return as quickly as analysts hoped due to the persistently high level of unemployment. The S&P futures are off nearly -2% and crude is trading lower by over -3.5% in reaction to the news, dragging the EUR/USD lower due to positive correlations.
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USD/JPY Sinks Beneath our 1st Tier Uptrend Line and 95

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The Yen’s appreciation against the Dollar has carried through our 1st tier uptrend line and the psychological 95 level, two important technical supports. Meanwhile, U. S. equities, crude, and gold are trading sharply lower. Hence, we are witnessing broad-based risk aversion. Though the USD/JPY’s sell-side volume remains subdued, downward momentum across the marketplace is a bit disconcerting.
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Forex: EUR/USD: Expect a burst higher to 1.4600 or, eventually, 1.5000 - Mizuho

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FXstreet.com (Barcelona) - The Euro has been trading in a tiny range from 1.4370 to 1.4400 after it rally from 1.4100 was capped at 1.4445 year high, however, according to Nicole Elliott, technical analyst at Mizuho Corporate Bank, the Euro could explore higher levels before the end of the week.Elliott affirms that the Euro is not overbought and that the pair could burst higher: "Surprisingly the Euro is not overbought so expect another burst higher hopefully by the end of this week."On its way up, the Euro could hit levels around 1.4600 or even 1.5000, says Elliott: "Our measured targets are 1.4600 and eventually the psychological 1.5000."
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Forex: GBP/USD: Pound needs a corrective dip to 1.6800 - DailyFX

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FXstreet.com (Barcelona) - The Pound has risen to 2009 highs at 1.7000 from levels around 1.6400, to enter on a flat trading range from 1.6900 to 1.7000 and, according to the Daily FX Research Team, the pair could move down before going higher.Sterling is overbought on intra-day studies, says the Daily FX Research Team, and a dip towards 1.6800 is needed: "The overbought intraday studies are the primary catalyst here, with the daily ATR also well exceeded. We will hold the position into to the close and look to reassess. There is definitely the need for a material corrective pullback towards 1.6800 at a minimum over the coming hours."
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Forex: AUD/USD: Aussie losses strength after hitting 0.8470 10 mth. high

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FXstreet.com (Barcelona) - Australian Dollar rally from Jul 13 low at 0.7700 reached its peak on Tuesday at 0.8470, the highest level since late September, and the pair has remained consolidating at levels above 0.8385 ever since.According to the E-Forex Team, Australian Dollar rally has lost strength, and intra.day momentum turned to negative: "Intra-day momentum is losing strength and became negative, favoring further downside price action towards the first support eyed at .8385 then lower, at .8330 which initially served as resistance."Aas long as potential correction holds above 0.8300, says the E-Forex Team, the pair would be prone to test new highs: "As long as the Aussie dollar holds gains above .8300, short-term momentum will remain intact and a corrective cycle would provide new buying opportunities."
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Forex: GBP/USD: Pound needs a corrective dip to 1.6800 - DailyFX

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FXstreet.com (Barcelona) - The Pound has risen to 2009 highs at 1.7000 from levels around 1.6400, to enter on a flat trading range from 1.6900 to 1.7000 and, according to the Daily FX Research Team, the pair could move down before going higher.Sterling is overbought on intra-day studies, says the Daily FX Research Team, and a dip towards 1.6800 is needed: "The overbought intraday studies are the primary catalyst here, with the daily ATR also well exceeded. We will hold the position into to the close and look to reassess. There is definitely the need for a material corrective pullback towards 1.6800 at a minimum over the coming hours."
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Germany Purchasing Manager Index Services rises to 48.1 in Jul from 45.2 in Jun

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FXstreet.com (Barcelona) For more information, read our latest forex news.
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EU Purchasing Manager Index Services up to 45.7 in Jul from 44.7 Jul

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FXstreet.com (Barcelona) For more information, read our latest forex news.

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Euro Zone Services PMI's slightly above forecasts; Euro unchanged

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FXstreet.com (Barcelona) - Euro Zone services PMI Index has risen to 45.7 in July from 44.7 in June, somewhat above the 45.6 reading forecasted by market analysts, while German services PMI rose from 45.2 to 48.1 in July.The Euro has not been affected by the improvement in services sector´s Activity, and the pair moves right in the middle of the 1.4370 to 1.4430 range.
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DATA SNAP: Euro-Zone Output Decline Eases Further In July

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DATA SNAP: Euro-Zone Output Decline Eases Further In July By Nicholas Winning Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The contraction in euro-zone economic output eased more than expected in July to its weakest rate for 11 months, another sign that the severe slump in the 16-nation currency area is bottoming out, data from Markit Economics showed Wednesday. The final reading of the euro-zone composite output index -a closely-watched gauge of economic activity -rose to 47.0 in July from 44.6 in June. Nevertheless, it remained below the neutral 50.0 level, indicating that output has contracted for a 14th consecutive month. A reading below 50 indicates a drop in output while a reading above indicates an expansion. Markit also said the services business activity index rose to a 10-month high of 45.7 in July from 44.7 in June. On Monday it said the purchasing managers' index for the manufacturing sector had recovered to an 11-month high of 46.3 in July from 42.6 in June. Economists were expecting the composite measure to increase to 46.8 in July, in line with the flash estimate, according to a Dow Jones Newswires survey of economists last week. -By Nicholas Winning, Dow Jones Newswires, +44 207 842 9498;
nick.winning@dowjones.co -0-
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(MORE TO FOLLOW) Dow Jones NewswiresAugust 05, 2009 04:24 ET (08:24 GMT)Copyright 2009 Dow Jones & Company, Inc.
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United Kingdom: Purchasing Manager Index Services rise to 53.2 in Jul vs 51.6 in Jun

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United Kingdom Manufacturing Production rises 0.4% in Jun; 11.7% down on year

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United Kingdom Industrial Production rises 0.5% in jun; -11.1% on year

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United Kingdom Industrial Production rises 0.5% in jun; -11.1% on year

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DATA SNAP: UK July Services PMI 53.2 Vs 51.6 In June

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DATA SNAP: UK July Services PMI 53.2 Vs 51.6 In June
By Ilona Billington
Of DOW JONES NEWSWIRES
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LONDON (Dow Jones)--The U.K.'s dominant services sector expanded for the second straight month in July, with the Purchasing Managers Index for the sector rising to a 17-month high. Research group Markit Economics and the Chartered Institute of Purchasing and Supply Wednesday said the services PMI rose to 53.2 in July from 51.6 in June. The size of the increase came as a surprise as economists surveyed by Dow Jones Newswires last week had forecast the PMI would increase to just 52.0. A reading above 50.0 indicates the sector is expanding, while a reading below 50.0 indicates it is contracting. -By Ilona Billington and Nicholas Winning, Dow Jones Newswires; +44 20 7842 9452; ilona.billington@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?
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rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:39 ET (08:39 GMT)Copyright 2009 Dow Jones & Company, Inc
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FXstreet.com (Barcelona) - UK services sector's activity has expanded in July for second consecutive month, while industrial production posted the lar

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CURRENCIES: Dollar Slips Vs. Rivals In Asian Trading By Lisa Twaronite The dollar edged down against major counterparts in Asian trading Wednesday, as investors awaited U.S. employment data. One dollar bought 95.01, down from 95.25 yen in late North American trading on Tuesday. The dollar index (DXY), which tracks the U.S. unit against a trade-weighted basket of six major currencies, was at 77.671, down from 77.720 late Tuesday. "Major currencies remain vulnerable to risk on/off in sympathy of cyclical recovery expectations," said Tomoko Fujii, a rates and currency strategist at Bank of America Securities-Merrill Lynch Japan. "Wednesday's focus should be the U.S. ADP employment survey results, which should offer indications of Friday's official nonfarm payroll jobs data," she said in emailed comments. The euro was buying $1.4404, up from $1.4399 late Tuesday, and the British pound was at $1.6977, up from $1.6932. The Aussie dollar was buying 84.23 U.S. cents, up from 84.15 U.S. cents Tuesday, when the Reserve Bank of Australia kept its policy cash rate steady at 3.0% and abandoned its easing bias. Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:43 ET (08:43 GMT)Copyright 2009 Dow Jones & Company, Inc.
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Forex: GBP/USD: Pound tests 1.7000 after upbeating UK data

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FXstreet.com (Barcelona) - UK services sector's activity has expanded in July for second consecutive month, while industrial production posted the largest monthly improvement since October 2007; The Pound rose to test 1.7000 resistance.GBP/USD has risen from levels around 1.6950 before uk manufacturing and services data, to test 1.7000 psychological resistance, reaching an intra-day high at 1.7008, although, so far, the Pound has failed to hold above 1.7000.UK services PMI has risen to 53.2 level in July, from 51.6 in June, the second consecutive month at expansion levels, and the highest level in 17 months.UK manufacturing activity was also brighter than expected. Manufacturing Output rose 0.4% month on month, the largest increase since January 08, and Industrial output increased 0.5% on the month, the largest increase since October 07. Year on year Manufacturing output fell 11.7%, while Industrial production fell 11.1%
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Currency Rates Of Coffee Producing, Consuming Countries

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Currency Rates Of Coffee Producing, Consuming Countries
LONDON (Dow Jones)--U.S. dollar exchange rates as of 09:45 GMT August 5, compared with 09:18 GMT August 4.
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Producers:
05/08/09 (04/08/09) Angolan Kwanza AON 77.805 (77.805) Bolivian Boliviano BOB 7.02 (7.02) Brazil Real BRL 1.8168 (1.825) Burundi Franc BIF 1216.05 (1216.05) *CFA Franc XOF 455.15 (455.15) Colombian Peso COP 2044.5 (2009.5) Costa Rican Colon CRC 585.95 (585.95) Cuban Peso CUP 0 (0) Dominican Republic DOP 36 (36.05) Ecuadorean Sucre ECS 0 (0) El Salvador Colon SVC 8.7475 (8.7475) Ethiopian Birr ETB 11.337 (11.336) Guatemala Quetzal GTQ 8.1415 (8.1415) Guinea Franc GNS 4848.15 (4895.8) Haiti Gourde HTG 40.25 (40.25) Honduras Lempira HNL 18.925 (18.925) Indian Rupee INR 47.625 (47.635) Indonesian Rupiah IDR 9920 (9880) Kenyan Shilling KES 76.25 (76.35) Malawi Kwacha MWK 143.05 (142.05) Mexican Peso MXN 13.145 (13.132) Nicaragua Cordoba NIC 19.8815 (19.872) Papua New Guinea Kina PGK 2.635 (2.6261) Peruvian New Sol PES 2.97337 (2.98628) Philippines Peso PHP 47.835 (47.785) Venezuelan Bolivar VEB 0 (0) Vietnam Dong VND 17815 (17815) Zambian Kwacha ZMK 5075.5 (5075.5) Zimbabwe Dollar ZWD 365.4 (365.4025) CONSUMERS: Danish Krone DKK 5.1749 (5.1728) #Euro EUR 1.4391 (1.4395) Japanese Yen JPY 95.185 (94.835) Norwegian Krone NOK 6.0323 (6.046) Swedish Krona SEK 7.1385 (7.1543) Swiss Franc CHF 1.0626 (1.0612) * = The CFA Franc is the common currency of 14 African countries which are members of the Franc zone: XOF = Benin, Burkina, Ivory Coast, Guinnea Bissau, Mali, Niger, Senegal and Togo under the Central Bank of the West African States. XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon, under the Bank of the Central African States. # = Currencies that are quoted in U.S. dollars per unit of currency. All other currencies are quoted in units of currency per U.S. dollar. Source: OANDA Corp and yahoo.com. -By Caroline Henshaw, Dow Jones Newswires; 4420-7842-9372; caroline.henshaw@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary:
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http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:46 ET (08:46 GMT)Copyright 2009 Dow Jones & Company, Inc.
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GLOBAL MARKETS: European Stocks Flat; Data To Set Direction

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GLOBAL MARKETS: European Stocks Flat; Data To Set Direction

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GLOBAL MARKETS: European Stocks Flat; Data To Set Direction

By Ishaq Siddiqi
Of DOW JONES NEWSWIRES
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LONDON (Dow Jones)--European stock markets have floated around the flat-line Wednesday, with investors dissecting the latest corporate results for clues about the extent of the economic recovery. "The market is pausing for breath, awaiting further direction. Traders have taken money off the table but are poised to get back in if the market breaks one way or the other," said Manoj Ladwa, trader at ETX Capital. At 0830 GMT, the Dow Jones Stoxx 600 index was up 0.1% at 228.10, while London's FTSE 100 index was down 0.2% to 4565.51, Frankfurt's DAX index was down 0.4% at 5395.7, and the CAC-40 index in Paris was 0.1% higher at 3482.7. The next few days are likely to be important in terms of giving the market a guide to the next direction, given the key economic data pieces scheduled for release. The U.S. ADP employment data Wednesday at 1215 GMT will offer a gauge at the current state of the U.S. labor market ahead of Friday's key U.S. nonfarm payrolls figure for July . "A less downbeat ADP employment survey could temper profit-taking in stocks ahead of nonfarm payrolls," said Kenneth Broux, market economist at Lloyds Banking Group. Also, Thursday's main economic agenda will be set around the policy meetings by the Bank of England and European Central Bank. "If these (data pieces) are all benign and we continue to get good earnings results then I think the market will continue its upward trend," added Ladwa. And there is no denying that there is value in the market, said Owen Ireland, sales broker at ODL Securities, "but many investors need to be aware that the markets have recovered eerily quickly considering the quagmire we were in less than a year ago." On the corporate front, banking stocks were in vogue again following earnings from France's Societe Generale SA (GLE.FR) and the U.K's Lloyds Banking Group PLC (LYG). Societe Generale returned to profit in the second quarter as revenues almost doubled at its corporate and investment banking unit. But Lloyds Banking Group reported that loan impairments rose more than five-fold in the first six months of the year. Still, shares in Lloyds pushed 5.6% higher, after it said it expected loan impairment charges to come down significantly from GBP13.4 billion in the first half. Shares in Societe Generale shares were 5.1% higher, and the pan-European Dow Jones Stoxx 600 banks index added 0.9%. On Wall Street Tuesday, the Dow Jones Industrial Average increased 33.63 points, or 0.4%, to 9320.19, marking its fourth straight day higher and the Standard & Poor's 500 tacked on 3.02, or 0.3%, to 1005.65. Still, Asian stock markets edged lower Wednesday with investors wary about whether recent upwards momentum can be sustained. Japan's Nikkei 225 closed 1.2% lower, South Korea's Kospi Composite ended down 0.4% and the Hang Seng index in Hong Kong closed 1.4% lower. "Players are worried that markets are becoming increasingly immune to positive cues, while any negative cues may trigger profit-taking," said Investrust CEO Hiroyuki Fukunaga. In foreign exchange markets, investors seemed to continue the previous session's trend of profit taking amid subdued equities, said Ashley Davies at UBS, and "the EUR/USD pair has hugged the $1.4400 level fairly precariously." At 0910 GMT, the euro stood at $1.4387, while sterling stood at $1.6981. The dollar traded at Y95.16. Elsewhere, spot gold was trading at $963.50 per troy ounce, around $2 below its close in New York. The front-month September Nymex crude oil futures contract was also a touch lower as trading entered a lull ahead of data expected to show a growing oil surplus. At 0910 GMT, the contract stood 43 cents lower at $70.99 a barrel on Globex, after settling at $71.42 a barrel, down 16 cents. Analysts expect oil inventories to rise by 500,000 barrels in the week ended July 31, while distillate stocks are seen increasing by 900,000 barrels, according to a Dow Jones Newswires survey, with the data from the U.S. Department of Energy due at 1430 GMT. Meanwhile, European government bonds are marginally weaker Wednesday, steadying after Tuesday's late price sell off following stronger-than-expected U.S. pending home sales data. At 0910 GMT, the September bund contract stood at 121.57, 0.02 higher. -By Ishaq Siddiqi, Dow Jones Newswires; +44-20-7842-9488; ishaq.siddiqi@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:15 ET (09:15 GMT)Copyright 2009 Dow Jones & Company, Inc.
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European stocks mixed; Euro and Pound, rangebound

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FXstreet.com (Barcelona) - European markets are mixed at very low levels the first hours of trading on Wednesday, as investors assimilate the latest string of quarterly earnings to make assessments about the pace of economic recovery: Euro and Pound remain floating within tight ranges.Eurostoxx 50 Index remains practically unchanged two hours after the opening bell, while German Dax Index drops 0.27%, and French CAC Index trades 0.27% above its opening level. In the UK, the FTSE Index sheds 0.21%.On the macroeconomic domain, Eurozone and Germany's services sector's activity has continued contracting in July, although at a substantially slower pace than in previous months, while UK services sector's activity grew for its second consecutive time.Following with UK, manufacturing activity rose 0.4% month on month in June, the largest increase since January 08, and Industrial output increased 0.5% on the month, the largest increase since October 07. Year on year Manufacturing output fell 11.7%, while Industrial production fell 11.1%.Euro and Pound remain trading in rangeGBP/USD launched an attack to the 1.7000 resistance level after UK manufacturing and services data was released, although the Pound turne3d down after hitting a fresh intra-day high at 1.7008.EUR/USD remains trading in a range from 1.4370 to 1.4430. The Euro picked up on early European session but turned down at 1.4400 after disappointing EU retail sales data, and trades around 1.4385 at the moment of writing.USD/JPY decline from 95.40 Asian session high find support at 94.87 ahead of the European session opening, and the Dollar rose to levels above 95.00, reaching 95.15 at the time of writing.
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Polish Labor Minister Sees July Unemployment Rate At 10.8%

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Polish Labor Minister Sees July Unemployment Rate At 10.8% WARSAW (Dow Jones)--Poland's unemployment rate rose slightly in July to 10.8% from 10.78% in June, Polish Labor Minister Jolanta Fedak said Wednesday The Central Statistics Office, or GUS, is due to issue official July unemployment data at the end of August.
Labor ministry website: www.mps.gov.pl
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-By Marynia Kruk, Dow Jones Newswires; 48-22 447-2430; marynia.kruk@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:27 ET (09:27 GMT)Copyright 2009 Dow Jones & Company, Inc
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UPDATE: Euro-Zone Economic Output Slump Eases Further In July

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UPDATE: Euro-Zone Economic Output Slump Eases Further In July (Adds data, Markit and economist comment) By Nicholas Winning Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The contraction in euro-zone economic output eased to its weakest rate for 11 months in July, fueling hopes that the 16-nation currency area could emerge from recession before the end of the year, data from Markit Economics showed Wednesday. The final reading of the euro-zone composite output index -a closely-watched gauge of economic activity -rose to 47.0 in July from 44.6 in June. The headline figure, which combines both the manufacturing and services sectors, remained below the neutral 50.0 level, indicating that output has contracted for a 14th consecutive month. A reading below 50 indicates a drop in output while a reading above indicates an expansion. But it was higher than the flash July reading and the market consensus estimate of 46.8 from a Dow Jones Newswires survey of economists. "This will raise hopes that the euro-zone economy could stabilise in the second half of the year, led by manufacturing, where production recorded only a marginal fall in July," Chris Williamson, chief economist at Markit, said in a statement. "Services continue to lag, however, largely due to weak domestic consumption as employment continued to fall, which will most likely act as a drag on any recovery," added Williamson. Markit said the services business activity index rose to a nine-month high of 45.7 in July from 44.7 in June -beating economists' expectations of 45.6. The purchasing managers' index for the manufacturing sector which recovered to an 11-month high of 46.3 in July from 42.6 in June. "To put this level of the composite PMI into context, it is consistent with gross domestic product contracting by around a quarter of a percentage point quarter-on-quarter on the basis of past relationships," Ken Wattret, an economist at BNP Paribas, said in a note. Euro-zone GDP posted a record 2.5% quarterly contraction between January and March. On an annual basis, GDP fell 4.9% in the first quarter. Germany saw the weakest drop in output of the big four euro nations in July following a record jump in its composite index to its highest rate since September. By contrast, France saw an increased rate of decline in July following four straight months of easing. Euro-zone employment continued to fall, but at the weakest rate since January, Markit said. Manufacturing continued to report a steeper rate of job cuts than in the services sector. Incoming new business posted the smallest deterioration since last August. Rates of decline slowed sharply in Germany and Italy and eased marginally in Spain, but France saw a slight increase in the rate of loss of new business. -By Nicholas Winning, Dow Jones Newswires, +44 207 842 9498; nick.winning@dowjones.co Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:29 ET (09:29 GMT)Copyright 2009 Dow Jones & Company, Inc
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ECB Allots $40.236 B In TAF 7-Day Tender At 1.16%

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ECB Allots $40.236 B In TAF 7-Day Tender At 1.16% FRANKFURT -(Dow Jones)- The European Central Bank Wednesday allotted $40.236 billion in funds to the banking system through a seven-day term auction facility. The funds were allotted at a fixed rate of 1.16%. As in previous auctions, the ECB satisfied all bids. There were eight bidders. The tender will be settled Thursday and the funds mature Aug. 13. Web site: http://www.ecb.int -By Geoffrey T. Smith, Dow Jones Newswires; (+49 69) 29725-520; geoffrey.smith@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:39 ET (09:39 GMT)Copyright 2009 Dow Jones & Company, Inc
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