Dollar Under Preassure in Asia After Mixed Data

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The dollar slipped in Asia Monday following mixed US data and simmering geopolitical concerns, while the Indian rupee sat close to one-year highs after the pro-business opposition won the country's general election.


In afternoon Tokyo trading, the greenback fetched 101.43 yen, against 101.54 yen in New York Friday afternoon.


The euro rose to $1.3700 from $1.3695 while changing hands at 138.98 yen against 139.08 yen.


On Friday, data showed US housing starts jumped a stronger-than-expected 13.2 percent in April, although the jump was driven by construction in the often-volatile multi-unit sector, while consumer confidence weakened.


Traders are now looking to Wednesday's release of minutes from the Federal Reserve's April 29-30 policy meeting, with Credit Agricole saying they "will be closely scrutinised for potential evolution of forward guidance as well as for clues on the monetary policy path going forward".


Also Wednesday the Bank of Japan will complete its own two-day policy meeting, which will be watched for an idea of its plans for its own monetary policy.


The dollar was mostly lower against other Asia-Pacific currencies. It fell to 11,358.80 Indonesian rupiah from  11,401.80 rupiah on Friday, to Tw$30.13 from Tw$30.15, and to 1,022.53 South Korean won from 1,025.16 won.

The US unit also dropped to Sg$1.2510 from Sg$1.2520, to 43.62 Philippine pesos from 43.75 pesos and to 32.47 Thai baht from 32.48 baht.


The Australian dollar was unchanged at 93.53 US cents while the Chinese yuan slipped to 16.23 yen from 16.26 yen.

Source : AFP

Gold Climbs First Time in Three Days on India Demand Speculation

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Gold futures climbed for the first time in three sessions on speculation that the newly elected Indian government will relax import restrictions, increasing demand for the precious metal.

India, the world��s biggest bullion consumer after China, will probably cut the 10 percent tax on shipments in July and relax rules on importers, Bachhraj Bamalwa, a director with the All India Gems & Jewellery Trade Federation, said today. The new finance minister will decide on easing, Reserve Bank of India Governor Raghuram Rajan said last week.

Gold futures for June delivery rose less than 0.1 percent to settle at $1,293.80 an ounce at 1:41 p.m. on the Comex in New York. This year, prices have climbed 7.6 percent amid signs of escalating geopolitical tension in Ukraine.

Copy Source: Bloomberg

Gold Rise on Speculation of India Relaxing Import Restrictions

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Gold climbed for the first time in three days in New York on speculation the new Indian government will relax import restrictions on the metal.

Incoming Indian leader Narendra Modi told thousands of supporters over the weekend that he represented a break from past governments after winning the nation��s biggest electoral mandate in 30 years. The new India finance minister will decide on easing gold import curbs, Reserve Bank of India Governor Raghuram Rajan said last week. China overtook India last year as the world��s biggest gold buyer.

œIndia looks positive, Bernard Sin, head of currency and metal trading at MKS (Switzerland) SA, a Geneva-based refiner, said by e-mail today. œThere may be signs of lifting restrictions.

Gold futures for June delivery rose 0.7 percent to $1,302.20 an ounce on the Comex in New York. Trading was 16 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.

The European Central Bank and 20 European central banks announced the fourth central bank gold agreement, without a cap on sales for the first time.

œThe signatories note that, currently, they do not have any plans to sell significant amounts of gold, according to the agreement anounced by the ECB. œGold remains an important element of global monetary reserves.

The statement is positive for gold because it indicates the metal will continue to be an important part of central bank reserves, Sin said.

Source : Bloomberg

Gold Climbs on Speculation of India Relaxing Import Restrictions

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Gold climbed for the first time in three days in London on speculation the new Indian government will relax import restrictions on the metal.

Incoming Indian leader Narendra Modi told thousands of supporters over the weekend that he represented a break from past governments after winning the nation��s biggest electoral mandate in 30 years. The new India finance minister will decide on easing gold import curbs, Reserve Bank of India Governor Raghuram Rajan said last week. China overtook India last year as the world��s biggest gold buyer.

œIndia looks positive, Bernard Sin, head of currency and metal trading at MKS (Switzerland) SA, a Geneva-based refiner, said by e-mail today. œThere may be signs of lifting restrictions.

Gold for immediate delivery rose 0.5 percent ot $1,300.40 an ounce by 9:34 a.m. in London.

The European Central Bank and 20 European central banks announced the fourth central bank gold agreement. œThe signatories note that, currently, they do not have any plans to sell significant amounts of gold, according to the agreement anounced by the ECB. œGold remains an important element of global monetary reserves.

Source : Bloomberg