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2. MARKET HEADLINES
Rupee stuck in range as strong shares offset weak
euro
The rupee was trading at 54.80/81 versus its close of 54.81/82 as
gains in the domestic share market are offset by the euro's losses
versus the dollar. The share market was trading up 2 per cent on day,
after the RBI governor said he had taken note of the falling inflation,
reinforcing bets about future rate cuts. The index of the dollar against
six majors is trading up 0.3 per cent after weak German data.
The euro fell to a six-week low against a buoyant dollar on
Wednesday, hurt by worse-than-expected German and French gross
domestic product (GDP) data, which kept alive chances of more
monetary easing by the European Central Bank.
Sterling falls to 6-week low versus dollar
Sterling fell to a six-week low against a firmer dollar on Wednesday,
with investors cautious before UK labour market data and the Bank
of England's quarterly Inflation Report.
The pound fell 0.1 percent on the day to $1.5192, breaking below
reported stop loss sell orders through $1.5200 to mark its lowest since
early April. Traders reported bids from $1.5190 down to $1.5160.
Swiss franc sets fresh 9 month low vs dollar
The Swiss franc was steady against the dollar on Wednesday after
hitting its lowest level since August 21 in early trading, with the
greenback's strength bolstered by signs of a firm recovery in the U.S.
economy and rising Treasury yields.
"The market has eroded the 1.2475/76 Fibonacci retracement
(78.6 percent retracement). This was the last defence for the 1.2573
2013 high," said Commerzbank analysts in a note.
The franc was steady against the dollar compared to the New York
close, trading at 0.9669 franc per dollar by 0652 GMT. The franc rose
0.1 percent to 1.2480 against the euro.
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