Daily Overview EUR/USD (Bloomberg) The dollar rallied against the majority of its most-traded counterparts as Federal Reserve Governor Jeremy Stein said the central bank may make a decision in September about tapering monetary stimulus. The dollar rose 0.8 percent to 99.14 per yen at 5 p.m. in New York. The greenback added 0.2 percent $1.3010 per euro. GBP/USD (Bloomberg) The pound dropped for a second week against the dollar as Bank of England Governor Mervyn King said the economy was "too weak to be satisfactory," underpinning bets the central bank will keep monetary policy loose. The pound dropped 1.5 percent this week to $1.5187 as of 5:19 p.m. London time yesterday after sliding to $1.5166, the lowest since May 31. The U.K. currency declined 0.6 percent to 85.61 pence per euro, the biggest weekly loss since the period ended May 24. GOLD (Bloomberg) Gold swung between gains and losses after dropping to the lowest in 34 months last week as investors weighed prospects for growth against stimulus, while holdings in the largest bullion-backed exchange-traded product held steady. SILVER (Bloomberg) Silver for immediate delivery climbed as much as 2.3 percent to $20.1065, the highest since June 24, and then lost 1.3 percent before trading at $19.7195, 0.3 percent higher. The metal touched $18.2305 on June 28, the lowest since August 2010. Prices slumped 31 percent in the second quarter.
Posted on: Mon, 01 Jul 2013 10:04:41 +0000