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The US dollar rallied against the majors in the London session helped by weakness in Eurozone and UK data. French, German and Eurozone PMI manufacturing indices were all weaker than expected for July. Meanwhile, German IFO business climate sank to 97.5 in July from 101.2 the prior month. So the weakness in the European economy is palpable to say the least. The EU's Almunia made some euro negative comments overnight as well by saying flat out that ''the euro is
• The Rupee weakened shedding its initial gains due to month-end Dollar demand by oil companies and fears of capital outflows from the India stock markets. USD/INR pair ended at 42.13 from 42.09 yesterday. • The 6- month and 1-year forward premium was at 4.63% and 3.90% as compared to 4.77 % and 4.07% yesterday. • The Sterling edged lower versus the Dollar after a sharper than expected fall in British retail sales boosted expectations of interest rate cut by the BoE. The Euro fell to a
Anyone who has an interest on the real side of Turkish economy might have encountered the famous sketch of industrial production and exports rising together from 2002 and onwards. The common interpretation of this relationship is that the manufacturing sector is becoming more outward-looking and exports are the main driver behind industrial growth. Most of the time, no comment is made about imports and are omitted from the analysis, as if everyone has come to an agreement on the fact that an
This article is taken from the Trader's Journal magazine (May 2008 issue) The author, Joe DiNapoli, is a veteran trader with over 40 years of solid market trading experience. He is also a dogged and thorough researcher, an internationally recognized lecturer, and a widely acclaimed author. Joe, a registered C.T.A. for over 15 years, has taught his techniques in the major financial capitals of Europe, Asia, Russia, the Middle East and South Africa as well as in the United States. His articles
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