Thursday, July 16, 2009

Learn to trade currencies, Forex trading July 16 live trading

The yen and the dollar strengthened against the euro after CIT Group Inc. said it probably will not receive a federal bailout, spurring speculation the U.S. commercial lender will file for bankruptcy.

The Japanese and U.S. currencies both advanced against at least 13 of their 16 major counterparts after a U.S. report showed foreclosure filings increased to a record, boosting demand for safer assets. The New Zealand dollar fell the most in a week after Fitch Ratings cut the outlook for the nation's long-term credit rating. The Dollar Index climbed from near a five-week low after charts showed its 1.4 percent decline in the past month was excessive.

The yen advanced to 132.28 per euro as of 7:46 a.m. in London from 132.95 in New York yesterday, when it weakened to 133.40, the lowest level since July 7. The dollar rose to $1.4077 per euro from $1.4107. Japan's currency climbed to 93.96 per dollar from 94.23.

New Zealand's dollar declined 1.1 percent to 64.16 U.S. cents, the biggest drop since July 7, and slipped 1.3 percent to 60.32 yen. Australia's currency weakened 0.5 percent to 79.88 cents and fell 0.7 percent to 75.13 yen.

Gold fell for the first day this week in London as the dollar climbed, eroding demand for precious metals as alternative investments. Gold for immediate delivery dropped as much as $3.85, or 0.4 percent, to $935.35 an ounce and was at $936.88 at 8:45 a.m. local time. Prices gained 2.9 percent over the previous three days. Bullion for August delivery slipped 0.3 percent to $936.60 an ounce on the New York Mercantile Exchange's Comex unit.

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