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Dollar stumbles further, Euro stands tall

News Date: 12/10/2015 01:24:15
 

 Asian stocks kept rising on Monday as investors flock back to emerging assets after losing faith in a U.S. rate rise any time soon. Hong Kong listed shares rose 1.36% with similar gains for mainland Chinese stocks. Korea's main index rose by half a percent. Jakarta's rose by 0.6%.

 

 Japanese market is on holiday. American and Canadian markets are as well.

 

Oil kept its momentum on Monday after a temporary stumble on Friday. It was pushed higher by data revealing that U.S. drillers cut oil rigs for the sixth straight week, cutting it by nine rigs in the week to 9 October. Total rig count now after the last cut is 605, falling sharply from a high of 1,609 reached last year.

 

  In Asian trading, Brent oil rose half a dollar, to trade at $52.98 a barrel. U.S. oil rose 45 cents fetching $49.96 a barrel.

 

Dollar kept falling on Monday, as traders unwind previous long positions after doubts the Fed won't raise rates this year. As of 04:58 GMT, Against Sterling it fell to 1.5331. Against the Euro it fell for the third straight session, trading around 1.1371. Against the Yen, it was last trading around its Friday closing price at 120.15.

 

Euro kept up its ground on Monday after gains last week, pushing further ahead, Against Sterling it traded at 0.7415. Against Yen, it stood near a three-week high at 136.62.

 

Commodity currencies rose on Monday, keeping up their impressive gains against the Dollar. Australian dollar rose for the ninth day in a row, touching a fresh seven-week high. It was last trading at 0.7331. Canadian dollar rose as well, trading at near a ten-week high on Monday at 1.2917.

 

Spot gold rose 0.14% in early trading, fetching $1,158.04 an ounce. Silver rose 0.20%, trading at $15.85 an ounce.

 

Investors will be waiting for wide-range reports in the coming days, specially from China and U.S., the nearest of them is the foreign direct investment report for China, potentially released today, it's forecast to have grown 9.2% year to date.      

 

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