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Daily Forecast - 07/12/2009

The Australian Dollar opens lower today at 0.9130 after a stronger than expected jobs report on Friday night bolstered the greenback. The U.S. Labour Department report showed that 11,000 jobs were shed in November, far less than the 125,000 expected by financial markets, pushing the unemployment rate back down to 10 per cent. The Aussie once again ran into strong resistance just beneath the US93 cent mark before falling quite sharply on the U.S. employment news hitting an overnight low of 0.9107...

Dollar faces crosswinds: report

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The U.S. dollar faces crosswinds as some of the extraordinary market developments that fueled the currency's sharp appreciation in the second half of 2008 fade or even reverse, the Bank for International Settlements said.
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Stocks may climb, but beware of Scrooge

If the bulls have their way, Wall Street's rally will keep going this week on signs of stability in the labor market. But concerns about penny-pinching consumers during the holiday shopping season and the specter of higher interest rates may be a hurdle to jump.
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GM exec expects Germany to contribute Opel aid

General Motors will not cut more jobs at Opel in Germany if the German government refuses to give state aid although the U.S. carmaker said it remains confident Berlin will soften its current stance.
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India PM to attend climate talks as momentum grows

Indian Prime Minister Manmohan Singh will attend the end of the U.N. climate summit, joining dozens of leaders including U.S. President Barack Obama, in the latest sign of growing momentum toward a new global accord.
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Italian court hands Knox 26 years for Briton's murder

An Italian court sentenced American student Amanda Knox to 26 years in prison and jailed her ex-boyfriend for 25 years after they were found guilty of murdering Knox's British roommate during a drunken sex game.
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Washington letter, Poe book set auction records

A signed four-page letter written by George Washington to his nephew in 1787 sold for $3.2 million, and two works by Edgar Allen Poe set new sales records on Friday in auctions held by Christie's.
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Six more U.S. banks closed

Regulators seized six more U.S. banks on Friday, bringing the tally of failures to 130 this year as the bank industry continues to suffer under the weight of deteriorating loans.
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Apple mute on Lala plans

Apple Inc has acquired digital music service Lala, as the dominant online music retailer explores new models for selling songs.
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Media heads worry about U.S. future as superpower

They normally ponder ways to entertain Americans, but media chiefs this week entertained more somber thoughts about the future of the United States, as several saw a fading superpower hobbled by the recession
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Cisco set to defend growth target, M&A strategy

Cisco Systems Inc is expected next week to say it can return to double-digit sales growth due to a stronger economy and expansion in high-growth businesses, including the acquisition of videoconference leader Tandberg .
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U.S. recovery appears firmer as unemployment drops

U.S. employers cut far fewer jobs than expected last month in the best showing for the labor market since the recession began, lifting the beleaguered U.S. dollar as investors bet a sustainable recovery was building.
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Kraft starts clock on unchanged Cadbury bid

Kraft Foods made its formal $16.1 billion offer to Cadbury shareholders, triggering a two-month takeover fight for the chocolate maker and a frosty response from Britain.

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