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Daily Market Outlook for 26.06.2013

The dollar turned down against the yen in Asia on Wednesday as investors warily watched China's stressed markets, but the greenback got support from U.S. economic data which backed the Federal Reserve's recovery view and bolstered U.S. Treasury yields. Markets in Shanghai continued to slip, and Japan's Nikkei share average also gave up its gains. The dollar index, which tracks the U.S. unit against a basket or rivals, added 0.1% to 82.62, down from an earlier high of 82.69 but holding well above Tuesday's low of 82.24.

On Monday, it hit a nearly three-week high of 82.84. The dollar was slightly lower against the yen compared with late U.S. trade, buying 97.79 yen after earlier rising to a high of 98.23 yen. That was shy of Monday's two-week high of 98.70 yen but remained above Tuesday's low of 96.95 and well away from this month's trough of 93.78 hit on June 13, according to Reuters data.

Tuesday's U.S. data showed strong gains in business spending plans and solid rise in house prices. Last week, Fed Chairman Ben Bernanke said the central bank could start to taper its bond-buying stimulus later this year if the economy continued to recover as it expected.

Wednesday, 26 Jun, 2013 / 9:38

Source : https://www.finfx.fi/en/daily-market-outlook-26062013

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