The euro held gains in Asia on Friday, having rallied for a third session overnight when the European Central Bank (ECB) took steps to contain the euro zone crisis, with markets now focussed on key U.S. jobs data.
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The euro dipped against the dollar on Tuesday, having eased off the previous day's three-week high, with the focus on whether a Franco-German summit will lay the groundwork for further measures to help quell the euro zone's sovereign debt crisis.
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Kelvin Tay, Chief Investment Strategist, Singapore at UBS Wealth Management says concerns over U.S. credit downgrade is over and now investors are turning their focus back to fundamentals and the sell off on Wall Street overnight is a perfect example of that.
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Gold surged to a fresh record high on Wednesday as investors sought a safe haven in the face of a fragile global economy and mounting financial market pressure on Italy in the euro zone's widening debt crisis.
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Gold prices have soared to record highs this year on concerns over the euro zone debt crisis, and the metal could be set for another leg higher if the world's biggest economy, the United States, also starts to struggle with its debt repayments.**
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The euro stayed on the back foot in Asia on Wednesday, having suffered a steep fall against the Swiss franc and the dollar after Moody's slashed Portugal's credit rating to junk status.
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The* took a bit of a breather in Asia on Friday after this week's rally with market focus turning to an upcoming batch of economic data, now that Greece looked set to secure emergency funds and avert imminent bankruptcy.
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The UK government needs to address the concerns that the parliamentary committee which oversees the banking industry still has over its proposed regulatory reforms, a senior Conservative politician has told CNBC.com
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The euro ran into profit-taking in Asia on Wednesday after the Greek government won a vote of confidence in a widely expected outcome, but further losses may be limited as the market's focus turns to the Federal Reserve.
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The safe-haven Swiss franc held near a record high against the euro in Asia on Tuesday, benefiting from the ongoing European debt crisis, while the greenback stayed under pressure as other currencies like the Australian dollar squeezed higher.
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The euro hit a one-month high against the dollar on Friday, with investors fretting whether forthcoming U.S. jobs data will give them more reason to brace for a protracted soft patch in the U.S. economy's recovery and a further dollar slide.
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CNBC team coverage of the day's market activity following news of a potential Greece bailout, and weak U.S. economic data, with CNBC's Bertha Coombs, Kayla Tausche, Sharon Epperson, and Steve Liesman.
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The IMF boss's lawyer says Strauss-Khan will plead not guilty, but the arrest could not have come at a worse time for the euro zone debt crisis as we approach crunch time on the question of what to do about Greece’s debt woes.
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