Daily Report: Dollar Pressured by Gold Strength, Services Data in Focus, then FOMC

04 November 2009 @ 06:37 am EDT

Dollar pared much recent gains overnight as gold broke out from recent range on news of IMF's 200 tons sales of Gold to Reserve Bank of India and rose to new record high of 1088. Stocks in US consolidated in tight range ahead of FOMC meeting and thus provided little inspiration to the greenback for extending the rally. Yen also retreats mildly. But after all, note that the greenback are still holding above near term support level against major currencies and is still in favor to rise further after the string of events today.

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