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Michael Michaud
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Michael Michaud is the founder of Invest2Success.com (http://www.invest2success.com/) and the Invest2Success Blog (http://invest2success.blogspot.com/). He has been investing and trading in the financial markets since 1989. He founded Invest2Success.com to empower individual institutional... More
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  • The Dollar Climbed To A One-Month Peak Against The Yen 0 comments
    Sep 3, 2013 4:25 AM

    The dollar climbed to a one-month peak against the yen as delay in a potential U.S. strike on Syria weighed on safe-havens such as gold and the yen.

    Asian shares: Japan's Nikkei 2.99%, Hong Kong's Hang Seng 0.79%(07:10 GMT), Korea's Kospi 0.46%, Australia's ASX 200 0.21% and China's Shanghai 1.18%.

    Factory activity in the euro zone rose at its fastest pace in more than two years, and even manufacturing in struggling Spain grew for the first time since April 2011.

    ECB's Coeure says ECB OMT bond-buying programme is "not just words", the ECB is fully prepared to use them

    Switzerland's real gross domestic product (NYSE:GDP) expanded by 0.5% in the 2nd quarter 2013 compared to the previous quarter. As in the previous quarters, positive contributions to growth came primarily from private consumption. Investments in machinery and equipment showed a marked increase for the first time in a year. Investments in construction reported a slight reduction. The balance of trade in goods contributed negatively to GDP growth.

    Australia's central bank left its key interest rate unchanged on signs of a pickup in housing and as a slide in the currency eases pressure on the economy before an election that polls suggest will change the government. Governor Glenn Stevens kept the overnight cash-rate target at a record-low 2.5 percent, as predicted by all 32 economists surveyed by Bloomberg News. The Australian dollar climbed to 90.47 U.S. cents, from 89.85 cents before the decision.

    RBA Governor Stevens: Recent information is consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year. Commodity prices have declined from their peaks, but generally remain at high levels by historical standards. Inflation in most countries remains well contained. Overall, global financial conditions remain very accommodative, though the recent reassessment by markets of the outlook for US monetary policy has seen a noticeable rise in sovereign bond yields, from exceptionally low levels. In Australia, the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment. The unemployment rate has edged higher. Inflation has been consistent with the medium-term target. With growth in labour costs moderating, this is expected to remain the case over the next one to two years, even with the effects of the recent depreciation of the exchange rate.

    Prime Minister Shinzo Abe faces rising pressure to expand tax relief for Japan's companies after the longest slump in business investment since 2009, setting up a potential battle with the Finance Ministry. Officials will unveil tax breaks for capital spending in coming months, according to 15 of 16 economists surveyed by Bloomberg.

    The worst may be over for Asian emerging markets, according to Nomura, after investors pulled billions of dollars last month on concern the U.S. Federal Reserve will start cutting back bond purchases. "We're through the worst of the crisis but it doesn't mean individual countries won't continue to suffer significant challenges,"

    China's official purchasing managers' index (PMI) for the non-manufacturing sector dipped slightly to 53.9 in August from July's 54.1.

    Watch today: Spanish jobless, UK construction PMI, US ISM

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