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2. MARKET HEADLINES
Yuan closes up as dollar rally pauses, tight ranges
spook traders
The yuan closed up on Tuesday as the dollar index took a breather,
with the spot market moving immediately to the strongest possible
rate and holding there. The People's Bank of China set the official
midpoint at 6.2035 on Tuesday morning, slightly stronger than
Monday's fix but still shy of the record high it set last Thursday.
The spot yuan stuck to its familiar trading pattern of recent weeks and
immediately moved toward the strongest permissable rate, closing at
6.1428 per dollar, 0.98 percent away from the fix. The exchange rate
is allowed to rise or sink by 1 percent from the official midpoint in a
given day.
Sterling falls versus euro, focus on Wednesday's
BoE report
Sterling fell to a near three-week low against a firmer euro on Tuesday,
with investors wary before Wednesday's Bank of England Inflation
Report.
Strong German ZEW sentiment data at 0900 GMT could temper
speculation more euro zone rate cuts could follow, including the
possibility of a negative deposit rate.
The euro was up 0.2 percent at 84.98 pence, having earlier hit
85.045 pence, its strongest since April 25, as investors took profit on
its recent falls and on expectations German investor morale could
nudge higher.
Rupee rises against dollar after April WPI data
The rupee rose to 54.59/60 from its close of 54.73/74 on Monday
after April wholesale price inflation eased more than expected.
Headline inflation slowed for a third straight month in April to 4.89
per cent, sharply below a median estimate of 5.5 per cent in a Reuters
poll and a level seen comfortable for the Reserve Bank of India to
persist with monetary easing to revive a flagging economy.
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